Safe Haven | Preservation of Capital |

See attached

A blow off in the CRB index, if it is to sustain these higher prices, it would the world, this will only accelerate the downside pressures to the global economy, discretionary spending will take the largest hit.

Is This Your Daddy’s Stagflation? PDF File.

http://web-xp2a-pws.ntrs.com/content//media/attachment/data/econ_research/0802/document/dd022208.pdf

I would add that unit labour costs peak at economic cycle’s turning points. Also the typical pattern of the Fed were to tighten monetary policy because of wage pressures, this was not the case back in 2007.

What an absolute horrible situation, the US consumer has to watch the value of their home fall, and now their investments, see the price of gas hit a record and watch your food prices go up, this is going to set up an angry electorate for the US this fall.

Joseph B

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