Remember a while ago when I took Gary North to task for dressing down some punk kid* about inflation? Well apparently consumer prices didn't hear the news about shrinking M1.
In his cocky tour de force, recall that North had said:
If he [North's punk kid target] chooses to continue this debate, he has two options: (1) include a link to this article, which will cost him greatly; (2) try to debate without linking to it, which will be an admission that he got in way over his head and cannot get out. ("When you're in a hole, stop digging.")
Either is fine with me.
Of course, he can wait until gold rebounds above $1,000 and the CPI goes back to 4% a year. Then he can try to refute me. But, until then, he would be wise to remain discreetly silent. Too bad for him that his attempted refutation is already all over the Web.
Well, gold was $979 last I checked, and we just had the biggest monthly CPI jump since 1982--over a 14% annualized rate. Get those warm-ups off, junior, you're going back in the game!
* The "punk kid" might be older than me, for all I know. This is purely a functional term.