"The Federal Reserve's quantitative easing<http://money.cnn.com/2010/11/03/news/economy/fed_decision/index.htm>program has driven a bubble in commodities<http://www.efinancialnews.com/story/2011-04-06/commodities-bubble-fund-manager?mod=blogheadlines-home>.
The correlation can be seen in this chart:"
http://img217.imageshack.us/i/fedcomm.png
The graph inconveniently starts in 2009.
But round one of the bubble would have occurred in 2007-2008. So I'm not sure what to make of the claim about the fed causing the bubble.