Mish and I disagree about inflation. He is a firm deflationist. I believe that inflation is inevitable, even if deflation occurs, in the short term, because the government's ballooning entitlement expenditures will force it to create a huge amount of fiat money (that is, money that isn't supported by real assets, such as gold, or real increases in productivity).Deflation destroys wealth and erodes the ability of the government to levy taxes. No government purposely enters a deflationary period. The goal is measured inflation.Hedge
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