I really hate joining the gloom & doom crowd, but it's becoming increasingly obvious that we're about to experience the worst inflation this country has ever seen. The 70's will look like a cakewalk by comparison.
In fact, it is already happening. From my economic-major-brother's blog:
The Fed's data on M1, the narrowest measure of money, and M2, is a very valuable point of reference. Between January of 2008 and January of 2009, M1 grew by 15% and M2 by 10%. As a point of reference, between January of 1977 and January of 1978 M1 grew by 8.47% and M2 grew by 9.83%. This was during the era of double digit inflation.
Buckle up, boys and girls, because the great inflation is coming.