“Low” U.S. Inflation Is a Product of Clever Calculation

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By John Tamny

The food rioting over price spikes in the Middle East is the latest illusory Malthusian crack-up rooted in devaluationist dollar policy in the U.S.  Though we pretend otherwise, every currency in the world has at least a vague peg to the dollar, so when we devalue it’s always a worldwide event.  Inflation is and has been “low” under Bush/Obama only insofar as the CPI measure cleverly leaves out the commodities most effective at revealing monetary error.