The other day, I mentioned the death of gold in a deflationary scenario to great mockery and derision. I think the insistence on inflation is a combination of wishful thinking, the dominance of the conversation by gold-dealers, and a kind of hypnotic power wielded by the FED, as in, people understand the Fed is the danger, but they feel that the Fed is invincible, and so they cower as it casts its dread shadow across the landscape. The key to this “power” is the Fed’s purported ability to inflate at will. However, there are indicators that the Fed is not as omnipotent as we have all been led to believe.
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