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Seven Things You Need to Know Right Now

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1. Gas Sales Have Fallen for Five Straight Weeks
Gas prices are now above $3.50 in all but one state and drivers are apparently cutting back on the miles. Unfortunately, it appears prices are heading higher though. One way to look at the direction of gas prices is to follow the spread between the daily average retail price and the front month futures contract. Over the past five years, this spread has averaged about 70 cents, according to Bloomberg data. Now it's down to about 50 cents. Economist Joseph Brusuelas says the narrow spread is likely to rise meaning $4 gas will soon be upon us. The difference per driver compared to 2010 average prices is more than $200 a year.

2. This Is What Global Central Banks Are Doing

Via Bloomberg:

3. Richard Koo Speaks About QE2 and Macroeconomic Management Post-Crisis

4. See Also This Prescient Article from 2010... Balance Sheet Recession Framework
"In this environment, households and businesses reduce their debt despite massive monetary accommodation."

5. Food Inflation Kept Hidden in Tinier Bags
Chips are disappearing from bags, candy from boxes and vegetables from cans.

6. Now This Is Happening: Steve Jobs Bio Looming!

Apple CEO Steve Jobs has finally agreed to participate in a book about his life.

7. Believe.

POSITION:  No positions in stocks mentioned.