I think CFDR has a valid point as far as looking at things like annual operating loans, land interest rate loans, etc. From a practical operational standpoint absolutely, the FED is part of the "market".

But I think OldMcdonald and I are looking at this from a theoretical and long term sustainable standpoint. Long term, what the FED is doing is not sustainable. It is based on flawed economic theory. And that is the point. What is not sustainable eventually will not be sustained.

Looking at next years crop budgets. Absolutely, the FED is part of the market. Long term, it is not going to work out. They can't keep doing what they are doing.

John