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Housing's Big Picture Isn't Pretty [View article]
Gresham's Law should become part of everyone's economic vocabulary.
We may see deflation in many assets but inflation in staples like food and water.
It's my feeling that we will continue to see a huge inflation in Cash prices but offsetting deflation in Credit prices. Think of the CPI as averaging the two hence the disinformation of current low inflation be reported.
We all know the distortions of the current CPI but just simplify the basket of goods to see the problem when including both necessities and luxuries in the sam inflation metric.
2006 - Bread - $1 per loaf, 30" Flat Screen TV - $1000
2009 - Bread - $2 per loaf, 30" Flat Screen TV - $500
In 2006, $3000 would buy 1000 loaves of Bread and two 30" Flat Screens
In 2009, $3000 would buy 1000 loaves of Bread and two 30" Flat Screens
Hence no inflation, as long as you can eat a Flat Screen TV