Chris Powell of the Journal Inquirer wrote:

While everyone is agitated about what seems to be the dramatically rising price of oil, in terms of the European currency, the euro, and gold, the once and possibly future world currency, the price of oil has been nearly constant in recent years.

That is, commodities are not soaring; the dollar is plunging.

So in seeking to prohibit pension funds from investing in commodities, in necessities, in real goods, Lieberman and Collins would punish not just supposed speculators but also ordinary working people, whose pension fund investments in commodities may be the only practical way for them to protect themselves against dollar devaluation. The senators are also seeking to protect themselves against any doubt that the United States can afford its empire and can afford to bestow on the public a largesse that nobody pays for.
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