Inflate or Die: Oil is Dropping because the Fed has Slowed the Presses says James Turk
Crude oil today dropped the most this year, according to Bloomberg. Despite the presidential election and turmoil in Greece, founder and chairman of Gold Money says oil is falling because the "Federal Reserve hasn't been injecting any money into the system." Turk says the Fed "hasn't expanded its balance sheet despite talk of it," and "the market wants to see some action." He says this is the exact same reason the stock market is falling. Turk goes on to show how the only currency that has maintained stable purchasing power when you look at it in terms of the oil you could buy is gold. Meanwhile the British pound, the US dollar, and the euro have all lost purchasing power over the last several decades.