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Friday, July 18, 2008

Reynolds Not Worried About Inflation

Alan Reynolds of Cato is annoyed at the hysterics over June's humongous CPI jump. I dunno, kids, I still think we could see double-digit price increases in 2009 and 2010. If I had any money lying around, I'd buy gold. As Gene would say, we have a unique opportunity here.

3 comments:

  1. Bob,

    You know what is really funny is that Reynolds says "core inflation" is the number to watch. A number that Richard Nixon had then Fed chairman Arthur Burns design to fool the voters. I comment on it a bit more here.

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  2. Alan Reynolds3:28 PM

    That fact that you have no money to invest casts doubt on the advice to buy gold. I shorted gold, silver and platinum using a fund called SPPIX. On the day my article appeared it cost $16.81 a share. By August 5, it was up 26% to $21.22.

    When I wrote that oil price were going to fall on June 6, did you wish you had speculated on rising oil prices too? Really?

    I used to charge institutional investors (mutual funds and pension funds) $5-10,000 a year for tips like that.

    You want to bet against me? It's a good thing you have nothing to bet.

    Mr. Wenzel can't read. I didn't say core inflation was the number to watch. I said "ex-energy" is the number for THE FED to watch. So did Todd Clark and the Kansas City Fed, Robert Rich and Charles Steindel and the NY Fed, and a couple of economists at the Atlanta Fed. I'll post the links at the cato.org blog, on the off chance that either of you is interested in learning about something you clearly do not understand (economics).

    Those willing to take a serious look at serious arguments and evidence often get rich. The others just write irritable blogs.

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