Richie

Go With U.S. Defensive Stocks and Multinationals Benefiting From China

Dr. Pfeil,

I respectfully disagree with your position. My sense is that we are clearly ALREADY in recession. Raising interest rates at any time this year will be seriously counter-productive. If we are not ALREADY in recession, why do we not have any meaningful inflation given:



Deficit financing of the war (annually $300 - $400 Billion)
Massive budget deficits (always inflationary)
Massive trade deficits (that should cause importation of inflation)
Explosive money supply growth (>8%) vis-a-vis GDP growth (