Bill made the comment that a little bit of inflation might be a good thing. I'd be curious to learn who his intellectual influences are. In general, I'm a big fan of his blog at bonnerandpartners.
More interesting was Bonner's comment that he's been "wrong for 40 years." He never thought a fiat money system could survive this long. Neither did Dr. Rothbard. That may be because they believe(d) this is a battle of ideas: free market vs socialism and sound money vs fiat money. Yet long after socialism and fiat money have been exposed by reality as failed systems that result in human misery, they persist. Because this is not an ideological battle, it is a battle of thieves vs victims. Ideas have become tools used by thieves to excuse their plundering. Even the victims participate in some stealing constantly balancing their participation against the cost of opposing the plundering system. The thieves (politicians, bureaucrats, cronies, etc.) continue to become more clever and more subtle. This could go on for a very long time. In fact it already has.
Good distinction, Bryan.