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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (39733)8/25/2005 2:24:31 PM
From: Richard Gampell  Read Replies (2) of 110194
 
I'm coming late to this discussion, so I apologize for trying your patience on the subject, but I think that those of you in the no-inflation camp still have some defending to do. Wages are not the be-all-end-all of wealth. Unless you maintain that our various inflated long-dated assets are going to depreciate massively and quickly, there is still plenty of "wealth" out there to buy iPods and oil both, regardless of wage/job stagnation.

I guess some people are implicitly arguing that an oil-shock-induced credit-crunch *is* going to cause this quick and massive depreciation (and therefore be potentially deflationary), but otherwise it's simply not convincing to state that money spent on oil will be subtracted one-for-one from money spent elsewhere.

-- Rich
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