In his firm's July market letter, Doug Pollitt of Pollitt & Co. in Toronto writes that inflation has disappeared only if certain things aren't counted, that measures of inflation have been terribly distorted by the suppression of interest rates by central banks, and that while interest rate suppression may have gone as far as it can, it has been going on so long that "this climate is all that most investment professionals know. Anything else," Pollitt writes, "would be like landing on Mars."
Pollitt's letter is titled "Brain Worms" and with his generous permission it's posted in PDF format at GATA's Internet site here:
http://www.gata.org/files/PollittMarketLetter-July-2014.pdf