What happened to the Wall Street Journal? I just read an article from Brett Arends called "Load Up the Pantry" at http://finance.yahoo.com/banking-budgeting/article/104914/Load-Up-the-Pantry. It is one of the most inane things I have ever read!
The author recommended that one should stock up their pantry in case of rising food prices. I feel like the article is a tack on to the rice panic of 2008 that most of the media outlets reported. Here is why I think the article is ridiculous:
1. Hello people, commodities are quite violatile! Plus if prices are that high, more farmers/ag producers might increase production and eventually cause a price drop. The commodity prices could very well go down!
2. Let's not forget the Fed either. Thanks to our Monetary Patron Saints, Former Fed Chair's Volker and Greenspan, United States policy had been price stability and stable economic growth. Bernake is on the same page.
3. I don't believe something unless they quote the source. They quoted statistics but didn't say the source whether it was the CPI or PPI price series.
Shame on the Wall Street Journal for such a bad article. If consumers are that concerned about price increases, create a Victory Garden or buy a share of a milking cow.
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