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<p>[QUOTE=&quot;Cloudsweeper99, post: 1015705, member: 3011&quot;]Many people know what the numbers are, but few bother to figure out what they mean.&nbsp; M3 is irrelevant because nobody knows what it is, or means.&nbsp; Raw money supply data isn&#039;t very useful because most of the increase is going into financial institution reserves to replace losses from collapsing asset prices -- as the chart shows, it isn&#039;t circulating.&nbsp; So you haven&#039;t refuted anything, but I&#039;m sure that you and some others will believe what you wish.&nbsp; And that&#039;s okay because you probably have a 50% chance of eventually being correct.&nbsp; I&#039;ve said on numerous threads that whether or not we have inflation or deflation depends on policy decisions that haven&#039;t been made [or at least implemented] yet.&nbsp; A year ago I was in the inflation camp, but the data since then suggests that this might not happen, or that we may have a pretty severe deflation before inflation kicks in.&nbsp; Or the Fed might surprise everyone and figure a way out, at least until the next business cycle.&nbsp; People underestimate what they can do. Time will tell, but your chart won&#039;t.[/QUOTE]</p><p><br /></p>

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