| The runaway inflation that was supposed to follow reckless money-printing -- inflation that the usual suspects have been declaring imminent for four years and more -- keeps not happening. For a while, rising gold prices helped create some credibility for the goldbugs even as their predictions about everything else proved wrong, but now gold as an investment has turned sour, too. So will we be seeing prominent goldbugs change their views, or at least lose a lot of their followers? I wouldn't bet on it. Everything is political; and goldbuggism, which fits so perfectly with common political prejudices, will probably continue to flourish no matter how wrong it proves. |
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