"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat

Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

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Wednesday, February 23, 2011

Brent Crude hits $110; WTI closes in on $98

The surge in oil is effectively working to negate the stimulus being provided by the Fed's QE purchases. What good does it do to artificially attempt to force long term interest rates lower to keep credit cheap if businesses and consumers are paying out higher and higher costs for energy? Any savings from lower borrowing costs will be eaten up by higher fuel costs.

Both markets hit new 29 month highs today.

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