"It is a symbol of Irish art. The cracked lookingglass of a servant." -- James Joyce
It has been argued that debt levels are so staggering that it's unlikely that serious inflation could take place outside of state sanctioned zones, like housing, health care and education. We'll be talking about deflation again by mid 2008. When I used to work in financial markets, I learned that you didn't make much money being too intellectual about price action.