If you missed it, the article below by Bill Fleckenstein is a must-read.  He explains why we haven't seen inflation show up in the price of goods and services over the last couple of decades and why we are on in the process of it finally happening now.  My favorite quote, no surprise, is "In a social democracy with a fiat currency, all roads lead to inflation." An excerpt with a link to the full article follows below:

Why All Roads Lead to Inflation
by Bill Fleckenstein

Inflation is a topic that does not receive enough attention. I'll try to address that deficiency in this week's column.

Regular readers know my motto (which is on the masthead of my Web site): "In a social democracy with a fiat currency, all roads lead to inflation." Over the past couple of decades, through all the occasional chatter about deflation, I have resolutely maintained that deflation would not be the outcome we would see because the Fed would do what the Fed has done.

One major force helped hold inflation at bay during the 1990s: globalization. As Jim Grant points out in a brilliant essay titled "The Close of the Era of Peace and Quiet" in the current... click here to read the rest of this article at MSN Money [1]