Thanks for the kind words and the sound thinking. Yes, there is no joy in seeing this one come true.

On the cheap money question…. You do not think that it has been a problem, on the basis, it seems, of containment of underlying inflation. Of course, you could be right. But there are some who plausibly argue that the government is cooking the books in that regard (e.g. Shadow Government Statistics website). If we truly are experiencing an 8-12% inflation rate, but DC is cooking the books, it would explain a lot of things (e.g., the US’s lack of savings: why should a consumer save if she knows, at some level anyway, that her dollars are growing less valuable?) That does not make the argument true, of course. But it is worth looking into.

Anyway, thanks for being an independent thinker.

Regards,
Patrick Byrne