Greenspan Tells Congress He's Watching Energy Prices

“While the Fed chief sounded optimistic about the economy's prospects, Greenspan, who leaves early next year after 18 years, made clear that the Fed is keeping a close eye on high energy prices to make sure they don't spark broader inflation.” (New York Times, Thursday)

Energy prices don’t cause inflation. The Fed does.

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“Inflation in One Page” by Henry Hazlitt