Sure looks that way to us. In fact, it looks like the primary achievement of the super-aggressive monetary ease executed by the Bernanke FED over the past several months has been to create a new speculative mania in record time.
We have reference, of course, to the oil price "gusher." The exponential price ramp up over the past months is undoubtedly a bubble, practically defined. It is true that there is a sound basis for rising oil prices. We have, in prior analyses, noted that oil prices are likely to rise faster than the rate of inflation in coming years, an inevitable consequence of a massive shift in the supply/demand equation.
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