In the interview video below Jim Grant is asked, "When are we going to see inflation?".
His answer... five years ago.
Grant defines inflation as being too much money. What that money chases is variable.
This time, that money is chasing commercial real estate, bonds, stocks, Iowa farmland and financial assets of all kinds.
Grant thinks people are desperate for income, citing a Portugese debt issue which was oversubscribed by 6 times.
With respect to gold's recent decrease, Grant points out that gold is in a 12-year bull market and that we thinks gold should continue going up.
The massive amount of money printing according to Grant is showing up on the Bloomberg terminal (asset prices).