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<p>[QUOTE=&quot;V. Kurt Bellman, post: 1987586, member: 71723&quot;]Thank you, Jim, that is a downright AWESOME link. Those lines under the subhead &quot;The Critics&quot; in Section 3 states my view 100%. Chart jockeys are doing voodoo black magic and incantations. You need to know intimately the asset in which you are investing, its markets, and its history. If you go into it with only a &quot;man on the street&quot; understanding of what you THOUGHT causes inflation, but actually doesn&#039;t, you are but a sheep waiting to be shorn.</p><p><br /></p><p>The most overrated variable when analyzing inflation dangers, and hence by implication any inflation hedge asset, is the money stock. The most underrated one is aggregate income levels. I learned this at great academic bewilderment in 1975, since up until then I had always been taught that inflation was a monetary phenomenon. When I got hooked up with what has been proven the country&#039;s top expert on Keynes, a professor at Franklin &amp; Marshall who was a Harvard PhD and knew The General Theory like he knew his own kids&#039; faces, my understanding flourished. That education has never let me down, or led me astray.</p><p><br /></p><p>One of Professor Lyons&#039; favorite book slamming rants was, &quot;Stop expecting governments to act like people, darn it (cleaned up some), they&#039;re NOT people!&quot;</p><p><br /></p><p>Another classic was, &quot;People don&#039;t spend MONEY, they spend INCOME!&quot;</p><p><br /></p><p>The best thing about the return to fashionability of Austrian School economic &quot;thinking&quot; (as if...), is that it has been becoming too easy to beat so many people at seeing what&#039;s actually happening in an economy. I believe Austrian School does have a cogent underlying philosophy, however. It is based primarily on plain old nasty societal meanness, a sociopathic desire to see increased levels of Dickensian human misery.[/QUOTE]</p><p><br /></p>

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