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What Lousy Luck!

Poor Obama!  Just as the “economic recovery” is about to take hold, we are hit with high oil prices.  This is the lament I hear over and over from all the bad economists working for the media and the politicians.  Of course it’s all complete nonsense. 

This is not an economic recovery.  It’s inflation.  In an inflation economy everything goes up.  Stocks go up.  Food goes up.  Oil goes up.  Paychecks?  Not so much.

By the way, forget about oil price pressure from lack of drilling, or problems in the middle east, or reduced refining capacity.  Gas is cheap.  It costs the same for a gallon of gas today that it cost it 1960.  Back then a gallon of gas was one thin dime.  Still is, if you use a 1960 dime.  The amount of silver in a real dime, a constitutional dime, is worth about $3.50 today.  There’s your gallon of gas.

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