As I listened to Denninger criticize Dr. Paul, it ocurred to me that he was describing himself. He's the deflationist in the room who just can't admit that he doesn't understand hyperinflation, that he doesn't understand how the prices of oil, food and industrial metals can be rising at the same time that asset prices (like real estate and equities) are falling, that inflation and deflation can exist side by side. Karl is a deflationist and has never been friendly to gold. His ego will not allow him to be objective. He is the opposite of Dr. Paul. I used to read Denninger's blog quite a bit a few years ago, not so much any more. He's a smart guy, but not nearly as smart as he thinks he is.
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