Hi Rowboat,A few comments on your post are below."I haven't seen...

Hi Rowboat,
A few comments on your post are below.
"I haven't seen any inflationist stick their neck out and predict when oil will break to new highs. Do you have an opinion?"
I dont know a single commentator of any stripe who has timed anything accurately, but my view on staples and energy remains the same - prices will continue to rise even though credit falls.

"The over-riding force, however, is a change of consumer attitudes to take on more debt brought on by two structural shifts: very high US unemployment and a retiring baby boomer generation this decade."

I agree wholeheartedly with this statement. And I see this cultural shift destroying asset valuations in many sectors. But what about food & energy? Who buys food & energy on credit? How does a falling credit environment affect the pricing of essentials (debt-denominated housing excluded)? Am I missing something here? My view is - as governments continue to step in & support suffering families with direct cash injections - that prices for essentials will remain buoyant, while debt-denominated assets will crash.