The situation in Iran has added uncertainty to the World oil market. Iran's pursuit of nuclear power and the ability to build nuclear weapons has put them in the sights of the world powers that have limited or constricted the proliferation of nuclear weapons. The devaluing of the U.S. Dollar has the effect of making commodities we want (food and oil)more expensive to us compared to other economies with currencies that are stable or gaining in value. Example a few years ago when oil shot up oil prices in Europe doubled, in the U.S. they tripled, reason being the value of U.S. currency was falling compared to the Euro. The current administration's plan to increase taxes on corporations may also drive up our commodity prices. After all if they can sell a gallon of gas in China for $3.00 with 10% taxes on the profit or sell the same gas in the U.S.for $3.00 with 40 or 50% taxes were are they going to sell it? To sell it in the U.S. we will have to pay more for them to make that same amount of money. Or to state another way we have to pay the additional transactional costs (taxes) on commodities priced on the world market, another way-if our government charges us to buy or sell in our markets our costs will reflect the world market cost PLUS the government fees associated with the transaction.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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