I was there too in New York listening to Kudlow and must say that I too was very underwhelmed by his assessments of markets and the world in general. Basically his whole philosophy as to inflation is that the dollar is worth less because people believe it to be so. In other words we don't have a money oversupply but a propaganda undersupply. This was his basic message. It reflects a dangerous type of attitude that the worth of things has no relation to the laws of supply and demand but rather just to people's beliefs in an imaginary reality sold to them by the media. I think Kudlow actually said something just like that, i.e. "This has nothing to do with money supply, but with information undersupply." translation: propaganda undersupply. What a dope! But I can understand where he is coming from. He's been a part of that Washington environment for so long that he's actually started to believe that government has special powers to fix things that are supposedly out of the ken of mere mortals like you or I. Bull