The Language of Inflation

Another thought provoking note from Dylan Grice in which he argues the inflation of credit in the modern era is embedding a false sense of security among investors and their advisers, 

We are also increasingly mindful of conversations with friends, family and colleagues that reveal a widespread perception that something is very wrong, though people can’t quite put their finger on what it is. As we have argued, we think the answer is that the inflation of credit has driven an inflation of asset prices, which has driven an inflation of future expectations, which has driven an inflation of time preference.... and that while the consequences of these inflations are profound, the language of inflation that it has spawned is shallow. Therefore, not only is there insufficient capital to ensure future prosperity and insufficient realism to deal with the future this implies, there is insufficient linguistic precision for most people to articulate the problem let alone understand it.
— Dylan Grice, Edelweiss Journal