Inflation seems like the least of our worries.
Money supply trends say we could be wrong. Big money is often made not by reacting to today's headlines, but by anticipating tomorrow's. Such foresight on the economic front has been especially difficult in recent years, given leaping productivity and persistently low inflation in the face of surging demand, all of which seemed to make forecasting a mug's game. But then, just as prognosticators succumbed to these strong trends and declared the economy to be unsinkable, some old-economy forces came back with a vengeance. Well, that's a longer story, but not one to dismiss.