Trajectory....

Finally the popular press and media catch up with one of the overriding themes of this blog for the past two years: the credit cycle is the most important factor when determining inflationary and deflationary secular periods.

Krugman has already caught on, and now we see Grantham and a host of others experience this epiphany.

Economists often have a pedantic bent. It is good to see them taking a more holistic, panoramic view of the real economic landscape.