He's something else, hey!!!
Some people think if they just shit it, I mean, say it, we will think it's true.
My response? Pfffffffffftttttttt!!!!!
"Boston Fed chief rebuts theory that rate cuts spurred oil prices; Run-up in petroleum dwarfed dollar's decline" by Robert Gavin, Globe Staff | June 11, 2008
HARWICH - The weak dollar has had little impact on the rapid rise in energy prices, Eric S. Rosengren, president of the Federal Reserve Bank of Boston said yesterday.
Although the decline in the dollar against other currencies has been a popular explanation for oil's record run, Rosengren said data show the increases in oil prices have far outstripped the pace of the dollar's decline. In the past year, the dollar has declined 13.6 percent against the euro, while a barrel of crude oil was priced at $131.31 yesterday on the New York Mercantile Exchange, up 99 percent from a year ago.
Then WHO is RIPPING US ALL OFF, asshole?
Oil trades in dollars. Many analysts say when the dollar loses value, it prompts producers to demand higher prices to offset the loss. The weaker dollar also raises demand from buyers who hold stronger currencies and investors seeking a hedge against inflation, analysts say.
But correlating oil prices with the dollar's value against other currencies shows "the cumulative change in the exchange rate pales in comparison to the enormous run-up in oil prices," Rosengren said. "In other words, the exchange rate cannot explain more than a very small fraction of the change in the dollar price of oil."
Then WHO is bending me over this barrel?
Rosengren's remarks, made at a Boston Fed conference here, rebut arguments that the Federal Reserve's aggressive interest rate cuts of the past several months have spurred record oil and commodity prices by weakening the dollar.
Translation: He is COVERING THEIR ASS!!!!
The dollar falls when US interest rates are low because investors seek denominations with higher rates and hence higher returns.
The Fed is widely expected to stop cutting interest rates when it meets this month. Few economists, however, expect the Fed to start raising rates to fight inflation anytime soon because the economy remains weak.
Lower interest rates boost the economy by encouraging borrowing and spending. Higher interest rates, in turn, cool borrowing and spending when demand begins to push up prices too quickly.
Despite soaring energy prices, Rosengren suggested the Fed need not rush to boost interest rates. He said research at the Boston Fed shows high oil prices are not sparking broad-based inflation.
I'm kinda full, can you stop with the plop-plops, please?
"Even if oil prices do continue to rise much faster than the US core inflation for an extended period," he said, "the experience of the past 20 years indicates that there is a relatively low correlation between oil price movements and underlying core rate of inflation."
Wait till you see what the "core rate" is.
.... The Boston Fed holds its conference every year, attracting academic and business economists to share research on a variety of topics. This year, the conference is examining the relationship between unemployment and inflation.
So they will report this but not Bilderberger, huh?
But the AmeriKan MSM NEVER HIDES or OBFUSCATES things, right?
And with all these SMART GUYS around, how come everything is SO FUCKED UP, huh?
If I didn't know better, I'd think this had all been planned!!
Rosengren said economists, researchers, and policy makers need to gain a better understanding of how so-called supply shocks that send energy and food prices soaring affect inflation long-term.
Then you aren't qualified to make decisions now -- if that's the case!
Of course, it ain't!!!!
If I didn't know better, I'd think this had all been planned!!
That question is critical for Fed policy makers. The Fed finds itself in a tricky position: If it raises interest rates to fight inflation, it risks worsening the current economic downturn. But if it leaves interest rates too low for too long, it could spark a period of high, persistent inflation.
Translation: The Fed has fucked up so much, there isn't anything left to do.
Among the issues economists must consider is whether to craft policies based on total inflation, or so-called core or underlying inflation, which excludes food and energy prices.
Oh, the CORE EXCLUDES FOOD and FUEL!!
Which means it is a BULLSHIT #!!!
Oh well, figures lie and liars....
For the most part, policy makers focus on core inflation, believing short-term swings in food and energy have little impact on long-term inflation.
Translation: We (the Fed) SHOVEL YOU SHIT, 'murka!! So EAT UP!
Helloooo, fed fuck!!
Get your LYING HEAD out of your shitter, please!!!!
Historically, Rosengren noted, market forces have eventually reined in high oil prices as supplies rose, demand fell, and technological improvements were introduced. "That said, it seems to be taking quite a long time to date for the long-run supply and demand influences to rein in oil prices," he said. "You might say the short-run is getting longer every day."
No shit, Sherlock?
As for that "great economy?"
All out of the country:
"Trade deficit hits $60.9b in April; Oil is crucial factor, as both imports and exports set records" by Bloomberg News | June 11, 2008
WASHINGTON - The US trade deficit widened in April as the surge in oil prices propelled imports to a record, overshadowing the biggest gain in exports in four years.
The gap grew 7.8 percent to $60.9 billion, more than forecast and the most since March 2007, the Commerce Department said yesterday. Excluding petroleum, the shortfall was little changed. March's deficit was revised lower.
The figures led some economists to estimate that first-quarter growth was greater than previously estimated by the government, even as fuel prices push imports higher. The dollar's two-year slide, coupled with stronger growth in Europe and Asia, is spurring demand for planes built by Boeing Co. and machinery made by Deere & Co.
Yup, growth OUTSIDE the U.S. that benefits MULTI-NATIONALS!!!
Meanwhile, that paper in your hand? Might as well be a TURD!!!!!
"The hyper-competitiveness of the dollar, plus reasonable growth in our export markets, that combination has proven to be very powerful," said Joshua Shapiro, chief US economist at Maria Fiorini Ramirez Inc. in New York. "Trade's been a buffer; it's kept GDP in positive territory. It's clearly a cushion."
That's a new way of describing a piece of shit: "a hyper-competitive" piece of shit!!!
Exports climbed 3.3 percent, the most since February 2004, to a record $155.5 billion, led by sales of commercial aircraft, autos, and agricultural machinery.
After adjusting the numbers for inflation, the figure used to calculate gross domestic product, the trade deficit shrank to $46.9 billion, the lowest since August 2003. Combined with the smaller gap now reported for March, the figures may boost forecasts for growth.
Still falling behind, but it is less behind.
Bring them buckets, we gotta bail out Titanic before it sinks!!!!
And every time I hear revised or adjusted, I just feel like I've been lied to again!
Morgan Stanley economists predicted first-quarter economic growth will be revised higher to 1.1 percent, from a previously reported 0.9 percent.
"A lot of it is in the value of oil," Jay Bryson, global economist at Wachovia Corp. in Charlotte, N.C. "Exports did pretty well. This is consistent with strong growth in the rest of the world helping our exports and also a weak dollar."
But, but, but.... sigh!
The trade gap was forecast to widen to $60 billion, according to the median estimate in a Bloomberg News survey of 70 economists. The March shortfall was revised down to $56.5 billion from a previously reported $58.2 billion.
Revising, revisions, there is only ONE TOPIC that can't be touched by that, huh?
You know what I'm talking about!
Imports grew 4.5 percent in April, the biggest gain since November 2002, to a record $216.4 billion. The average price of imported petroleum, at $96.81 a barrel, and the total amount of the fuel bought, were both the highest ever."
Oh, and about those oil prices:
"Republicans derail bid for windfall tax on oil giants" by Associated Press | June 11, 2008
WASHINGTON - Saved by Senate Republicans, big oil companies dodged an attempt yesterday to slap them with a windfall profits tax and take away billions of dollars in tax breaks in response to record gasoline prices that have the nation fuming....
No, just sucking fumes...
On world markets, oil prices retreated a bit yesterday but remained above $131 a barrel. Gasoline prices edged even higher to a nationwide record average of $4.04 a gallon....
The WHOLE WORLD is SICK of THAT SHIT!!!!!
Torch 'em!!!!!
GOP opponents argued that little was to be gained by imposing new taxes on the US oil giants: Exxon Mobil Corp., Chevron Corp., Shell Oil Co., BP America Inc., and ConocoPhilips Co....
Yeah, they are all going to pull down a measly $100 BILLION in PROFITS all told!!!
What BLOOD-SUCKING PARASITES!!!!
Yup, little to be gained -- just the same as FUNDING OCCUPATIONS to the tune of TRILLIONS but I don't hear any fucking complaints from these shit Repuglicans!!!
FUCK YOU and your SUBSIDIES to BIG OIL, shit fucks!!!!
Later, Republicans blocked a second proposal that would extend tax breaks that have either expired or are scheduled to end this year for alternative energy development, and for the promotion of energy efficiency and conservation."
Oooooooh, so they will EXTEND THEM for BUSH'S RICHERS and McConnell will get a break for horse racers and Big Oil will continue to glutton themselves -- but when it comes to ALTERNATIVE ENERGY and EMPOWERMENT, well, no dice!
This CAPS the FRAUD of GLOBAL WARMING RIGHT HERE!
If it was REAL, they wouldn't stand in the way of a TAX BREAK.
Sorry, but I'm tired of HOT FART MIST in my face, so FUCK OFF!!!!!!!!!!!
