I’m not buying the increasingly reported-on return of inflation, Seneca — not in the U.S., and most surely not in Europe. An epic deflation is still sitting out there, waiting to be triggered by the implosion of a largely uncollateralized, quadrillion dollar derivatives bubble. A further, irresistible catalyst will be the zero-ing out of deferred, unpayable liabilities in our pension and healthcare systems. These deflationary juggernauts cannot be temporarily monetized like the financial system, since they involve real money sent to recipients each month to pay for real services. More immediately, the bull cycle has peaked for residential and commercial real estate. If these factors add up to incipient inflation, then I am a monkey’s uncle.