We’ve been on this kick before, but it’s worth reiterating something we’ve pointed out before.
If you want to blame a central bank for global commodity inflation, look at China. When you see oil tanking hard on a modest (somewhat expected) rate increase, it’s not hard to draw a line between the overly-loose policy at the PBOC and upward commodity pressure.
It’s not as sexy as blaming Bernanke, but just as valid.
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