Since the Great Recession began in 2007, we've been barraged by a steady stream of commentary from every perspective arguing about what is happening to us, and debating risks and remedies, in a situation that's without precedent. Perhaps the dominant thread has been from those insisting that inflation will be the inevitable consequence of central banks' efforts to save the global economy from implosion. The "inflationistas" have also hijacked the language, describing central banks working to prevent collapse of stocks and housing and bank portfolios as creating "asset inflation." Joining the inflationistas, as always, are the gold bugs. By this week's end, the sky was black with buzzards circling the remains of these arguments and their progenitors -- not just here in the U.S., bu...
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