“Toward gold throng all, to gold cling all, yes, all!”—Goethe (Faust) Federal Reserve Chairman Ben Bernanke has offered reassurances (here and here, for example) that inflation won’t become a big problem over the next few years, but investors aren’t exactly buying it. Instead, they’re buying what they always buy as a hedge against inflation:...
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Two months ago I said the Obama administration was making a mistake to demand that BP turn over to the federal government the responsibility for compensating victims of its oil spill in the Gulf of Mexico. My reasoning was that the move would shift what should be an adversarial position between claimants and BP...
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