Uh, not sure if you noticed, but oil just hit $117. Thank you George Bush. Thank you Dick Cheney. Thank you Ben Bernanke. Thank you gas guzzlers.

$117.

Wow.

OilPANIC?

At one point soon, some folks (think Wal-Mart worker) are gonna have to decide whether they're better off driving to work, or just not working. And those far-flung homes in places like Maricopa Arizona? Getting more and more worthless by the day.

Some experts are crying "bubble" and saying the price is gonna collapse soon. Others are pointing to the millions in India and China lining up to get into cars, and the lack of an energy policy in the USA.

I'm not sure, but it does look like a bubble. But I think we all know now that bubbles can go on longer than anyone ever thought possible. I happily hardly ever get in a car, and consume or purchase very little, so it doesn't hit me much, but $117 oil means pretty much everything will be going up in price. $200 oil? That's another ballgame.

Experts divided on how high oil will go

As prices in New York reached a new high of more than $116 US per barrel Friday, finding common ground among observers proved difficult.

For oil price analyst Walter Zimmermann, a New Jersey-based vice-president with ICAP United, $125 US is the magic number at which technical and psychological forces will reach a "crescendo" and create a new market reality.

Gold?

1) BUY: Back up the truck and load up - going to $1600 from here, Cramer is right

2) HOLD: Ride out the wild swings, have a moderate stake, try not to look, gold is money.

3) SELL: Deflation is here, cash is king, dollar rally, Schiff is wrong

So let's hear it...

Inflation. Deflation. Printing Presses. Oh my.

The general consensus on this board was for a period of wild inflation, followed by the unavoidable deflation as The Great Unwinding takes hold.

Helicopter Ben, being the brilliant economist he is (and in control of the printing press), told us in 2002 that under no circumstances would there be deflation.

So now you have the market selling off anything connected with protecting yourself from inflation, and a rush toward US t-bills paying 0.47%, which if that's not deflation I don't know what is.

So, knowing what you know and seeing what you see, are you in the Inflation camp, or the Deflation camp?

I'm still without confidence because of all the factors at play. I see wild inflation right now, I feel deflation is to come, but I see the government and the Fed pumping out dollars. So deflation with a debased US dollar which is still deflation but may look like inflation.

Someone get me some Tylenol. And here's Schiff's view on Inflation/Deflation/Fed Policy

Jim Rogers, who's called Ben Bernanke a "madman", on getting out of the US dollar ASAP and getting into commodities, yen and more

Nice to see Rogers call out Bernanke as a bald-faced liar when he testified in front of Congress (under oath) that Americans won't be negatively impacted by the dollar's destruction.

Ron Paul sits on that committee. He should have immediately called for Contempt of Congress hearings against Bernanke after that statement.

Follow the experts folks. And China. And OPEC. The dollar is doomed. And Bernanke will put the last bullet in the body in just a few days. Invest wisely.

HYPERINFLATION!!!!!! The US dollar destruction is here as gold and oil hit new highs

Got commodities?

Remember when people mocked HP'ers for saying gold and oil would soar and the dollar would collapse? Bet they feel like fools today.

Ben Bernanke hates you, especially if you earn or save US dollars. So invest accordingly, especially if the idiot cuts rates again this week.

Dollar and oil hit new records

Oil hit a new record high of $93.80 and the dollar struck a new low yesterday as investors showed their growing certainty that the US Federal Reserve will cut interest rates on Wednesday.

The same conviction also saw gold approach $800 a troy ounce – its highest price for 28 years – while equities made gains. The move into gold reflects how investors fear rising inflation from the twin forces of higher oil prices and a weaker dollar