Wrotes Matt Housey: "Paul van Eeden has just given the folks at CNBC an economic lesson as to why the price of oil is $130/barrel.

"He states that 90% of oil's price increase is due to monetary inflation. Of course, Steve Liesman (whose name I just realized is the combination of the words 'lies' and 'man'), the economic buffoon that he is, states that we should have an increase in the money supply as the economy grows. Eeden reiterates the money supply's affect on the price of oil and other commodities. Liesman then states that we have not seen the effect of the money supply in the government's inflation numbers. He states that most economists have thrown out the notion of using M1, M2, M3 for inflation measurement. Eeden then states that we need to ask ourselves about the gov'ts numbers since they do not accurately reflect the rise in cost of food, oil, water, etc. He states that it was the Federal Reserve's decision to not use M3 as a measure of inflation. He then quotes Rothbard's TMS, True Money Supply, and how precisely it tracks M3.

"I hope someone will send you a YouTube of Eeden's interview."