Thanks for the link.

The pod cast was interesting, especially the inflation/deflation discussion.

For me, what it comes down to is this: no matter what you "name" things, the money being printed by the Fed will have no effect until it gets into the hands of people who can spend it.

Thus, these guys are right in suggesting that a purist definition of inflation as "an increase in the money supply" disregards an important factor: where that money ends up. For the moment, it is sitting in the hands of banks who are unwilling to lend.

On a brighter note, I did get the feeling that even these guys feel inflation will occur if that money is let loose, but I may have misunderstood...

For those of us with no dry powder, all we can do is wait...

Take care,

stone