The thrust of his presentation was that the recession may be ending, but a new era of renewed inflation and higher interest rates could be right around the corner.
Beaulieu made the cast that inflation will ooze back, fuelled by higher commodity prices, labour cost increases, and the need to service the huge government deficits rung up to deal with the recession.
By 2012, Beaulieu says the U.S. consumer price index could be increasing 6% a year, which would be the highest inflation rate in the past 25 years.
And yes, interest rates will jump - dramatically.
Beaulieu joins the ranks of doomsayers, like this blog, who have been echoing this theme for the better part of the year.
But as we scan the pages of the North American media, so many still warn of deflation and the threat of a decade long morass similar to what Japan is experiencing.
Why is that?
A follow up tomorrow.
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