I never said anything about how they got their war chests...
Something exists whether or not there is a word for it. That's a dictionary discussion -- and I don't care who's right or wrong in your endless dispute. It's the processes that are relevant, word or no word. The process you define as 'inflation' is highly significant and destructive. I don't care if you and Mish argue about the dictionary for another 1000 years, that won't change what's happening out there, just our ability to express it.
You seem to think that we (everybody) need to use the same definition of a word (e.g. 'inflation') to understand the process. Not true. Only to understand each other.
What I hear from you and Mish endlessly is the need to be right about the definition of the word, 'inflation.' It's like arguing about the dictionary. I don't care who's "right" but rather I care about what you talk about.
Whatever 'irks' you (that's the word I'd use) I've been around here for many years and understand and even fear some of these processes of wealth destruction. High retail inflation == bad. High monetary inflation == bad. I've been railing about this crap here on SI for well over 10 years.
I for one do not stop at monetary inflation. That's just a possible harbinger of things to come. What I see in front of my face every day is retail inflation, and so I care about that too. And the trade deficit, the budget deficit, fraud, toxic waste, fictitious capital (phony SIVs, phony AAA-rated bonds, etc.).
Spiral out of control... we're watching it every day. I tell my wife this is all a huge accident in slow motion. She (like most of America) just wants to change the topic.
Yeah, that irks me too. It's changing who we are as a nation and who we can ever be. And in spite of West's flippant and vague "your wrong" comment, yes, there's a real possibility of some sort of deflationary bust out there. Chances are *really* high in my book that ****if**** it materializes, it will follow a protracted period of devastating retail inflation. So it's clearly the wrong thing to worry about ... yet. I'd have to be nuts to be thinking about that *before* the Federal Reserve and Wall Street finish with their efforts at destroying our economy.
But out 5 years... could be a deflationary bust by that time frame. I don't give a crap if that turns out to be true or not -- I have *absolutely no control* over that -- but if hyperinflation or a deflationary bust starts to materialize, I don't want to learn about it from Newsweek. |
