Yesterday we observedthat in a time when even the Fed admits CPI, and its measurement of inflation is no longer satisfactory, or as Yellen put it "a mystery", Morgan Stanley took a page out of the gold bugs' book, and said that "due to the many criticisms and changing methodologies of the consumer price index as a true measure of inflation, we use the price of gold as a very good proxy of the true value of a dollar over long periods of time.
"Morgan Stanley: "This Will Not Be The Wipeout Scenario That Permabears Have Been Warning About For 8 Years"
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