Thanks for the information.

(Better known these days than Marc Faber)

“has been right about the dynamics thus far”

And bless his willingness to report bad news, despite the unpopularity or related poltical consequences if others say the same.

“most people expect either large deflation or large inflation”

I don't believe deflation has gone away — it didn't go away quickly in Japan, after all.

Inflation is a longer-term problem; Obama's team could postpone it (delay the unpleasant for at least four more years, as has been done for ages with other problems like Social Security and Medicare). Sooner or later, the temptation will be there not only to inflate in order to monetize debt (or help escape from a debt trap), or as part of rationalizing more to be done by Washington to emerge from deflation (the perfect excuse at any time for people like Krugman to clamor for substantial inflation, for example), as well as facing future finance problems (especially with the likes of Social Security, Medicare, and other federal health care or other large entitlements). as well as exploiting the “opiate of the masses” nature of “low to moderate,” “acceptable,” “ideal” inflation as a vote-buying economic, social, and political lubricant.