“The main cause of inflation right now is still the ‘do Nothing’ ‘Restrict Supply’ approach to energy. Monetary policy is not driving inflation, this is oil based.”
That’s not true. Expanding supply would lower prices, obviously. But they’ve been resticting domestic exploration forever. Supply is more of a longterm problem, and can’t explain what’s been happening recently.
Oil prices started up way back during the Bush Administration. Oil prices were IMHO the primary cause of the 2008 financial crisis. And in turn, the primary cause of the mortgage crisis.
Bush couldn't move on oil because the 'rat congress had his hands tied. He should have moved on nuclear but he didn't.
Obama is going backwards on oil and moving very very slowly on Nuclear. (I'm really surprised Obama is moving at all on Nuclear but there have been a couple of small approvals.)
The drop in the value of the dollar has much to do with the over speculation in the commodities market. This drop in the dollar is a direct consequence of the U.S. federal deficit through excessive spending.