USD is hugely up vs Yen and Euro. You buy anything from overseas recently? USD is hugely strong. USD is up vs the stock market, vs the bond market, vs the overseas bond market, vs overseas stocks.

USD is also up vs Bitcoin.

EDIT: Feel free to look at gold, silver, and other 'inflation hedges' while you're at it. The main thing going up is commodities (oil and food), which is certainly important. But there's more to the world than those two things.

Inflation is basically the exact definition of the change in USD's value relative to goods & services.

Unless you are arguing we currently don't have any inflation, which would be a tough sell :)

Also this last CPI report oil & gas pulled inflation down whereas just about everything else pulled it up. Food is hot, but a lot of other things are as well including non-commodity service based industries.

> In fact, holding Cash/USD has been basically one of the best performing things in my entire portfolio this year (after oil/energy)

This is what I'm arguing. Do you deny it?

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In a bear market, you don't have to outrun the bear to get ahead. You only have to outrun your friends.