Winner of the Stupidest Statement Of the Month Award — Bloomberg Columnist

Last month, we had the first ever awarded Stupidest Statement of the Month, and I was happy to give it to John Embry one of the senior lunatics of Sprott Asset Management.

For the month of September 2011, we had some serious contenders: John Embry himself (though you can't win the award twice a row, specially if you're working for Sprott, as it would be too easy), Eric Sprott as well, both using the King World News which is breeding ground of all the conspiracy theorists and market lunatics.

But fortunately for me, I managed to find better than these two, and avoid awarding the same guys over and over again...

And the winner is....

... the Bloomberg columnists duo, Eunkyung Seo and Sungwoo Park, for the following joint statement try wrote on the September 22nd Bloomberg report title "Gold Surge Vexes Asian Officials as Inflation Numbers Sent Awry":

Sept. 22 (Bloomberg) -- The surging price of gold is fueling inflation from India to Indonesia and forcing statisticians to decide whether jewelry made of the metal still belongs in consumer-price indexes.

Basically, what they are saying, is that the rising price of gold is fueling inflation, getting it completely upside down. I think it's well understood that it's inflation (the increase of the supply of money and credit) that makes the price rise and not the opposite!

But I guess they really wanted to earn and deserve their internationally thought for Stupidest Statement of the Month award!