I have been a regular reader of Robin Brooks and I have gone from being appreciative to irritated to now disappointed. Disappointed because it has become clear to me that like so many economists who have their origins in the sell -side there is a shape-shifting quality to his rationalizations as certain views that did not work out are quietly dropped and new ones rise to replace them. The thread of daily posts are awash in selection and confirmation biases. So the inflation and high Treasury rates in the US along with a stronger dollar hasn’t quite worked out, so we move to fiscal overhang and currency debasement—not dollar debasement because for an America Firster like Brooks that is unthinkable. I could go on in this vein, but I won’t. I have already expressed my annoyance in earlier comments with some of these traits that are evident and I see a similar convoluted analysis about gold and what its huge price rise means. No, it’s not about “flows” he says, it is about European schadenfreude towards American Greatness!