Broken Arrow

Come out of things unsaid
Shoot an apple off my head
And a trouble that can't be named
A tiger's waiting to be tamed
--Coldplay

As a postscript to the previous couple of missives, John Hussman nicely lays out the current macro issues that markets face. Note also that although he expects serious inflation over time, his proposed time frame is 5-10 years from now. Meanwhile, he suspects more downside related to the debt-financed 'expansion,' which seems to me deflationary.

Nearer term deflation followed by prolonged major inflation. That's a forecast that fits my views-in-progress pretty well right now.

Dr John's 'Erase the arrows' story also well reflects the current state of the economic academy.