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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: orkrious who wrote (81019)4/19/2007 8:06:35 PM
From: orkrious  Read Replies (1) of 110194
 
RIP@Caroline Baum -- trotsky, 15:42:31 04/19/07 Thu
Ms. Baum makes fun of the defects of the economists 'trained' in Keynesian nonsense, which is fine with me, but then goes on to define inflation thusly:

"Inflation is a general rise in the price level"

well, no, that is actually and most definitely NOT what inflation is. a 'general rise in the price level' is merely one of a number of the possible effects of inflation, which is defined as an increase in the supply of money.
in other words, i don't think she understands inflation any better than the people she rightly makes fun of.
this is not to say that i don't expect the credit inflation of recent years/decades to give way to a credit DEflation eventually, but one should get one's definitions straight when talking about money.

@pms -- trotsky, 10:31:41 04/19/07 Thu
the occasional sharp short term correction only exists to keep us on our toes. this dip is being bought by the big guys so far, and as i pointed out yesterday, quantitative sentiment data on gold shares show that there are already tons of bearish bets out there. when negative sentiment coincides with positive market action, pullbacks will usually be sharp but short lived.
HUI 360 unfortunately didn't hold, but it's not the end of the world in view of the other data. on the contrary, a temporary break of short term support will likely solidify the skepticism and thus provide more fuel when the rally resumes.
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