William Grigg on the deplorable state of the economy:
Last week, published comments by Israeli Prime Minister Ehud Olmert regarding the likelihood of war between the U.S. and Iran caused the price of oil to surge to roughly $138 a barrel -- and the Dow to shed nearly 400 points.
Delphic utterances delivered today by Federal Reserve commissary Ben Bernanke, and Timothy Geithner of the Federal Reserve Bank of New York prompted a mild market rally and lent some transient luster to the ever-depreciating greenback.
Rarely have we been able to witness, within such a compressed time-frame, such a compelling illustration of the fact that the economic destiny of our respective households is controlled by people over whom we exercise no controlling authority.
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