Ben 'The Bankster' Bernanke, in an unprecedented move by the Federal Reserve, decided to meet with the press in a friendly little get together. This is what he had to say:
Now for those of you that don't feel like watching the whole damned thing (which isn't really worth it anyway), the short story is, current inflation projections are higher than normal because of..... Libya and the Weather.
Excellent. As soon as the situation in the middle east stabilizes and oil production meets (ever increasing) global demand in the emerging markets (which are growing rapidly), gas prices will fall, easing the burden on households, who will then spend that money on more crap they don't need. Since the War on Terror seems to be occurring primarily in the middle east, and global demand for oil will increase exponentially as second and third world markets become first and second world markets, it is unclear just exactly how or when this light at the end of the tunnel will turn on. On the bright side though, he said it all with a smile!
Later, something happy, hopefully.