[quote=Rich Toscano] I can’t speak for others, but to me, the “fuss” on this topic is that we’ve gone from rampant deflation hysteria six months ago to firmly positive inflation now. [/quote]

To me, hysteria seemed rampant in both camps, simultaneously, over the last six months. Interesting that both agree on gold.

I see no fuss here. I’ll take the under on a $10 gallon of milk in the U.S. by Jan 1, 2012.

[quote=Rich Toscano]A major premise of “inflationists” (at least of mine) has been that inflation will not likely be across the board but will probably be more apparent in items that are in shorter supply, that people need, and that are sought after globally.[/quote]

I just think there is still too much deleveraging to be done for inflation to win the day for quite some time.

Saying there will be inflation in things people need and apparent in items that are in “shorter supply” is kind of not a very bold statement. Sounds suspiciously like “demand” and “supply” will affect “prices.”

That is to say – it is entirely likely that we end up needing and/or able to afford less for the next few years.

[quote=Rich Toscano]
… I think the idea here is to try to understand what current trends imply for the future.
[/quote]

I’m seeing the oil trend up as it relates to unstable countries in the middle east – not so much related to US Currency and the Fed’s activities. I can’t find a chart of Libyan corn exports to prove that corn prices won’t be affected by the uprising.