In response to:

Where's The Hyperinflation?

TN Horseman Wrote: Aug 11, 2012 6:42 PM
Actually, Scott, velocity is a ratio of the current GDP estimate and the Money Supply. Much like inventory turns in retail or manufacturing.

You’ve seen the gold commercials. You’ve heard the commenters and prognosticators. They’ve told you (correctly) that the U.S. central banking system has increased the monetary base of the United States at a pace previously unheard of in our history. They’ve told you over and over again to brace for an imminent wave of high, even hyper, inflation. But it hasn’t come.

People with sound economic principles and good minds have been pushing the imminent inflation line more aggressively. I keep telling them that they’re right, but early. Some listen; some don’t. But to give them credit; they’ve had a good...