{"id":1143,"date":"2011-10-05T13:13:06","date_gmt":"2011-10-05T17:13:06","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1143"},"modified":"2011-10-05T13:13:06","modified_gmt":"2011-10-05T17:13:06","slug":"the-sceptical-inflationist-steve-saville-safehaven-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/","title":{"rendered":"The Sceptical Inflationist | Steve Saville | Safehaven.com"},"content":{"rendered":"<blockquote><p>The reason we are in the inflation camp is that the case for more inflation in the US doesn&#8217;t depend on private-sector credit expansion; it depends on the ability and willingness of the Fed to monetise sufficient debt to keep the total supply of money growing. A consistent theme in our commentaries over the past 10 years has been that the Fed could and would keep the inflation going after the private sector became saturated with debt.<\/p>\n<p>Up until 2008 there was very little in the way of empirical evidence to support the view that the Fed COULD inflate in the face of a private sector credit contraction, but that&#8217;s no longer the situation. Thanks to what happened during 2008-2009, we can now be certain that the Fed has the ability to counteract the effects on the money supply of widespread private sector de-leveraging. The only question left open to debate is: will the Fed CHOOSE to do whatever it takes to keep the inflation going in the future?<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/www.safehaven.com\/article\/22781\/the-sceptical-inflationist?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+safehaven%2Fall-articles+%28Safehaven+-+Most+Recent+Articles%29\">The Sceptical Inflationist | Steve Saville | Safehaven.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The reason we are in the inflation camp is that the case for more inflation in the US doesn&#8217;t depend on private-sector credit expansion; it depends on the ability and willingness of the Fed to monetise sufficient debt to keep the total supply of money growing. A consistent theme in our commentaries over the past &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Sceptical Inflationist | Steve Saville | Safehaven.com&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[990,1352,1828,2831],"class_list":["post-1143","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions","tag-deflation","tag-fed","tag-inflation","tag-quantitative-easing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Sceptical Inflationist | Steve Saville | Safehaven.com - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Sceptical Inflationist | Steve Saville | Safehaven.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The reason we are in the inflation camp is that the case for more inflation in the US doesn&#8217;t depend on private-sector credit expansion; it depends on the ability and willingness of the Fed to monetise sufficient debt to keep the total supply of money growing. A consistent theme in our commentaries over the past &hellip; Continue reading &quot;The Sceptical Inflationist | Steve Saville | Safehaven.com&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-05T17:13:06+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The Sceptical Inflationist | Steve Saville | Safehaven.com\",\"datePublished\":\"2011-10-05T17:13:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/\"},\"wordCount\":182,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"deflation\",\"Fed\",\"Inflation\",\"quantitative easing\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/\",\"name\":\"The Sceptical Inflationist | Steve Saville | Safehaven.com - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2011-10-05T17:13:06+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/the-sceptical-inflationist-steve-saville-safehaven-com\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Sceptical Inflationist | Steve Saville | Safehaven.com\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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The outlook covers seven themes: Elevated risk Bank contagion Underlying causes of instability Interest rates & inflation The impact on stocks Flight to safety Australian perspective 1. Elevated Risk We focus on three\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Treasury Yields: 10-Year minus 3-Month","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-31-10y3m.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-31-10y3m.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-31-10y3m.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":25799,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/15\/all-you-need-to-know-about-inflation-in-one-chart\/","url_meta":{"origin":1143,"position":1},"title":"All you need to know about inflation in one chart","author":"Colin Twiggs","date":"May 15, 2021","format":false,"excerpt":"Actually, there are five charts but the first four are simply to explain how we get to the last one. Wage Rates & Crude Oil The first shows a history of US inflation for the past 60 years: wage rates, crude oil and the consumer price index (CPI). What this\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32756,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/05\/14\/current-turmoil-and-its-impact-on-gold\/","url_meta":{"origin":1143,"position":2},"title":"Current turmoil and its impact on Gold","author":"Colin Twiggs","date":"May 14, 2022","format":false,"excerpt":"Michael Every from Rabobank is bearish on Gold in his recent video: \"I can't see the case for Gold while the Fed is hiking -- you don't get a correlation with the Fed hiking aggressively and Gold going up.....If you want to buy into the Gold argument you are buying\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bank Credit & Fed Funds Rate","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-11-bankcredit-ffr.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":16137,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/03\/03\/the-fed-and-alice-in-wonderland\/","url_meta":{"origin":1143,"position":3},"title":"The Fed and Alice in Wonderland","author":"Colin Twiggs","date":"March 3, 2018","format":false,"excerpt":"In Lewis Carroll's Alice in Wonderland a young Alice experiences a series of bizarre adventures after falling down a rabbit hole. The new Fed Chairman Jerome Powell will similarly have to lead global financial markets through a series of bizarre, unprecedented experiences. Down the Rabbit Hole In 2008, after the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14117,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/09\/13\/credit-bubbles-and-gdp-targeting\/","url_meta":{"origin":1143,"position":4},"title":"Credit bubbles and GDP targeting","author":"ColinTwiggs","date":"September 13, 2016","format":false,"excerpt":"In 2010 Scott Sumner first proposed that the Fed use GDP targeting rather than targeting inflation, which is prone to measurement error. Since then support for this approach has grown, with Lars Christensen, an economist with the Danish central bank, coining the term Market Monetarism. Sumner holds that inflation is\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25100,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/04\/12\/gold-the-dollar-and-inflation\/","url_meta":{"origin":1143,"position":5},"title":"Gold, the Dollar and inflation","author":"Colin Twiggs","date":"April 12, 2021","format":false,"excerpt":"10-Year TIPS yields encountered resistance at -0.60% and retreated to -0.69% on Thursday. The Fed continues to expand its balance sheet, reaching $7.7 trillion last week. 10-Year Treasury yields are consolidating below resistance at 1.75% but remain in an up-trend. Rising Treasury yields are driven by inflation expectations, with March\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1143"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1143\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}