I read the book they reference and I don't like it.
From the above letter, an important example of why the whole thing is wrong:
This is patently wrong. There is infinite ability to depreciate currency and therefore initiate inflation.
The US government stands ready to borrow as much money as the banks can print, and the banks can print as much money as the government can borrow.
The government spends this money and that brings about inflation.
Commodities will be increasing in price. Labor may or may not, but in some sectors of labor, there will be mighty inflation, especially government employee compensation and people whose work cannot be done offshore.
Investments will continue depreciating through debt writeoffs and writedowns.
This nonsense about deflation is just so tiresome.
huh... didn't know anyone still read 'muddle-thru' right half the time, hedge fund middle man mauldin.
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