With oil included, rising commodity and energy prices are behind the inflation worries in Europe, even though Federal Chairman Ben Bernanke says that inflation is not a threat to the U.S. economy at this time.

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" Speaking via satellite from Washington to the International Monetary Conference in Barcelona, Spain, Bernanke also noted that even though the foreign exchange value of the dollar has been relatively stable in recent months, "the possibility that commodity prices will continue to rise is an important risk to the inflation forecast.

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Even though, as Cooper stressed to me today, Bernanke is a Republican and he did not take these actions on behalf of Obama.

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