making sure it doesn't happen here

Ben S. Bernanke, Before the National Economists Club, Washington, D.C., November 21, 2002

"...Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation..."

forward japan

Analysts have argued (myself included) that future inflation will result from the government's massive economic stimulus policies.

We have just experienced the greatest financial crisis and credit deleveraging in a generation. Is it realistic to expect inflation in two, five, or even ten years from now? I've been pondering the possibility of Japan-style price action in the US.

Hussman and Gross have considered this (Hussman speaking japanese, Gross a buyer of treasuries).

(chart source: kshitij.com)