Pimco's El-Arian on the Dollar

El-Arian speaks, at last. Not that he was holding his tongue or anything, but his inflation expectations remain steady. Key points of the article:

• Inflation is coming, and it is necessary,
• Which means a weaker dollar,
• And more stimulus has hit the states than most people expect.

I take issue with the third point. There's a whole lot more stimulus coming. States' utilization of federal money is basically minimal. They're acting like they don't know there's free money for the taking. Yet at the same time, his statement is fact-driven, I assume. This means that next week or the week after we'll start hearing about the liquidity trap again.

How many decades are we prepared to lose?