Here is an excellent video on fiat currencies by my friend Dominic Frisby at Frisby's Bulls and Bears.
Bear in mind we are in credit based economy, and credit markets can override the Fed's ability to create inflation, assuming of course a definition of inflation that encompasses credit.
Please see Yes Virginia, U.S. Back in Deflation; Inflation Scare Ends; Hyperinflationists Wrong Twice Over for a discussion.
Mike "Mish" Shedlock
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