In the mornings, I glance at the book of inspirations in my father’s room. It is strategically placed above the TV set from where the chants of stock market movements are pelted out. The thought for August 17^th reads: “Reality is always open to revision - My choice plays a key role in whether I accept the world as it is or alter it to suit my desires.”

Last year, China was viewed as the driver behind rising commodities prices.

Now the blame for spiraling food and oil prices is increasingly being laid at the door of Fed Chairman Ben Bernanke for cutting the fed funds rate to 2% and unleashing yet another wave of inflationary surplus liquidity.

The fallout is now being seen as India, China, the Philippines and Indonesia hike their own interest rates to rein in rising prices.

Consumer prices jumped 7.7% last month, down from 8.5% in April, but inflation there remains top of the list of economic concerns.

An ostrich can hide from reality for awhile, by digging its head in the sand, but ultimately, when he raises it to breathe, he must face it.

There are those who will tell you that oil is a cyclical business and a global fungible commodity. It rises and falls with the business phase. If you look at a hundred-year chart, it is as obvious as a sidewinder on a sand dune. A sine wave through time — up and down in seven-year cycles.

Soaring oil prices have forced Indian authorities to raise subsidized fuel prices and risk propelling inflation that is already running at a three-year high.