It’s Time To Polygraph

Ben Bernanke

To the Editor:

Last week Walmart warned consumers to prepare for higher prices. Walmart doesn’t necessarily want to raise prices, they’re forced to due to rising commodity prices also known as inflation. Walmart, McDonalds, FexEx, myself, and every other American is experiencing inflation, while the chairman of the Federal Reserve continues to deny it. For example, earlier this week Walmart stated that wholesale prices are rising and will affect the retail consumer in the near future. Ben Bernanke was asked if this was a valid forecast of consumer price inflation. His response as he laughed was, “Walmart has more data than the federal government” and he never answered the question. That’s the best we can get out of our chairman? He continued to dance around the question and by mentioning how they work with other agencies to figure out if inflation is an issue. Honestly Ben, What more do you need? Gold, silver, oil, gasoline, sugar, wheat, coal, soybeans, cotton and corn prices have all risen 25+ percent over the past six months. One doesn’t need a PhD know that’s inflation. Bernanke will never admit inflation is a problem because he’s the one who caused it. Think about it, why did commodity prices suddenly skyrocket last year? Did the world wake up and think they would run out of materials in a year? No! Commodities skyrocketed as soon as Bernanke announced Quantitative Easing 2. More dollars chasing the same goods drive prices, its textbook economics. Bernanke is a (textbook) smart man, knows the problems he’s created but continues to deny his faults. As taxpayers we pay this man’s salary, expenses, and health care while in return we get deceit and eroding purchasing power. Remember, this is the same incompetent man who believed housing couldn’t fall.

Daniel M. Patti CFP, Owner

DMP Asset Management, LLC

84 South Main Street, Newtown                                                                     April 6, 2011