... it's your opinion* against the collective wisdom of thousands of investors...
Hmmmm... so it boils down to "opinion" vs. "wisdom". Never mind that investors' "wisdom" is equally based on opinion and, even more important, on faith. Amassing thousands with the same opinion or faith does not turn it into a fact or wisdom.
Whole capitalism is based on faith. The engine of capitalism, arguably, is credit. Credit comes from Latin (credo, credere...) "I believe", as in "I believe that you will be able to return the money I lent you."
As for investors' "wisdom"... a rather shaky proposition. Investing is just another form of faith or belief, as in "I believe this investment will bring dividends in the future". And investors, of course, are always right, right up to the point when they are... not, e.g., when the bubble bursts. Investors believed in tulips, dot.coms and housing. Investors believe in governments and their t-bills too, e.g. Russia in 1998. And yet, in September 1998, the West collectively lost $100 Bln overnight. And George Soros, who built his wealth and reputation on "wisdom" i.e., "knowing" how to bet against the British Pound, reportedly lost his "wisdom" and $2 Bln too.
In any given market, there are those who believe it will rise and those who believe it will fall, otherwise there would be no trade. So, yes, there are many who believe in the US government as the "last bastion of capitalism" and its ability to control its debt and inflation. And then there are others who rather believe gold is the best protection against inflation (just check the gold prices lately). But you see, there is that damn word again "believe".
In other words, Russ is just as justified in his belief as you are, Jeremy. Many people would agree that (they believe) inflation is unavoidable. Perhaps not to the point as in my home country, but a 15% inflation is not unheard of in the US either, as recently as a few presidents ago. Other people believe soft lending is still possible.
I believe one of the two sides must be right. And that's a fact. Believe me.