Saturday, April 16, 2011

Don’t trust the AP for news. by SnarkyBytes

Completely ripped off from SnarkyBytes ,Thanks Alan.

If you haven’t realized it yet, the AP is totally untrustworthy.
Here’s a gem from today.
Oil has topped $108 a barrel, the highest price since 2008. Regular unleaded gasoline now goes for an average $3.69 a gallon, according to AAA’s daily fuel gauge survey, up 86 cents from a year ago.
The higher costs have been driven by unrest in Libya and other oil-producing Middle East countries, along with rising energy demand from a strengthening U.S. economy.
Completely and totally wrong. The price of oil is at a record high because the value of the dollar is at a record low. Oil is priced in dollars. When those dollars are devalued and buy less, Oil becomes more expensive. You can thank the Federal Reserve for it.
“Inflation is always and everywhere a monetary phenomenon” –Milton Friedman
For you liberal reporters out there, “monetary phenomenon” means it’s caused by the central bank’s manipulation of the money supply*.
But you won’t learn that from the AP.
* Yes, I know other things affect the money supply but in this case it is directly caused by the quantitative easing the Federal Reserve is doing. For you journalists out there, quantitative easing = printing money.

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