I’m somewhat familiar with Jim from reading the Daily Reckoning newsletter. I think he’s either being specious or provocative when he says ‘…inflation has nothing to do with monetary policy.’

He acknowledges inflation in real estate and the stock market, just not in personal consumption — yet. Kinda hard to nail down exactly what he means by psychologically driven inflation.

My view is that inflation is a complex topic, and is further complicated with the US dollar being the reserve currency. The US may not see inflation as a threat in the same way that every other currency will.

In the face of the US money printer go brrr, the US dollar paradoxically is strengthening, while other countries see their US denominated loans inflate their currencies immediately.

Have you read about the “milkshake” theory? I think it partially explains this phenomenon. I’m still wrapping my head around all this frankly.

Anyways, I’m glad you’re enjoying the articles. I sometimes wonder, outside from the occasional “claps” if anyone appreciates them at all. ;)