Burning For Bernanke?

The recent protests in the Middle East have mostly centered on high unemployment and the rapidly rising cost of basic necessities, like food. There has been at least thirteen cases of self immolation related to these protests. The initial act in Tunisia done by Mohamed Bouazizi was followed by seven in Algeria, four in Egypt and one in Mauritania.

"The UN’s Food and Agriculture Organization recently announced that the food price index has now broken a previous record set in 2008, when food prices nearly doubled over the course of 18 months, leading to popular upheavals in dozens of countries.Rising food prices, which have shot up 25 percent in the past year, have precipitated riots and demonstrations in Tunisia, Morocco, Algeria, Jordan, Mozambique and Yemen in recent weeks"
http://www.wsws.org/articles/2011/jan2011/food-j19.shtml

The coward thief Bernanke strongly hinted near the end of last August that QE2 would soon be launched. Look at the end of August on the following chart and you'll see the spike, the increase in speculation of food prices soon followed Bernanke's announcement.



As the NY Fed's Brian Sack and the coward thief Bernake both said, the purpose of QE's 1 and 2 is to artificially increase asset prices. So not only is the US Federal Reserve creating an imitation, not a free market driven US debt and equity markets but these pigmen are also creating an artificial price for food and other commodities. Gas for your car and heating your home and electricity for your lights.

Of course, the world's poorest are the first to be hit by this artificial asset inflation. The larger percentage of one's income that is needed for necessities is obviously increased. See this chart for the percentage of income spent in Egypt on various items.

Note how much Egyptians spend on food, a whopping 40%. So, if an Egyptian see's his food costs, thanks to QE2 and other speculation, increase by 20%, that's a 8% cut in his wages, With very little, if any savings for the average Egyptian, this could be enough to force them to skip meals, for them and their children to go to bed hungry. Revolutions begin with empty stomachs.

Bernanke's attempt to redistribute wealth to the top is succeeding at the cost of the world's poorest going hungry. And don't think this isn't coming soon to the middle class, for it is. The pigmen care not who or what they devour. They just devour. The US once again is setting such a fine example.

Here's a theme song for the thief coward Bernanke: