It’s hard to be shocked at a lying federal official, but to see the head inflator, Ben Bernanke, warning the senate about inflation as if it were some extraneous force of nature is laughable. He said today: “‘We must be particularly alert to any indications, such as an erosion of longer-term inflation expectations, that the inflationary impulses from commodity prices are becoming embedded’ in setting wages and prices.”

In other words, the Fed – the government agency created to inflate, and the only source of inflation – is keeping an eye on the wayward private sector, in case foolish people wake up to the Fed’s schemes, and realize they have engineered very high inflation indeed, at the same time as they have engineered a global depression, and prices zoom as the economy falls of the edge. In that case, it will be essential – from DC’s standpoint – to blame business people and consumers, so as to divert attention from their criminal selves. It is our job not to let them get away with it.