The huge spike in global commodity price inflation is prima facie evidence that the global economy is still growing too fast. There is nothing sinister in this. The world has just experienced perhaps the most remarkable growth boom in modern history. Given the huge cumulative rise in global growth during the 2000s it is little wonder that commodity suppliers have found it increasingly difficult to keep up, even with sharply rising prices.
This was written July 28! If the editorial boards then were worried about runaway commodity prices, does that mean the same pundits that today are warning us about declining stock prices and the Great Depression II will be just as chastened?
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