If I'm halfway right about the economy of 2008, you are very likely to hear about "out of control inflation" in the Old Media this year.
What I want to be perfectly clear for my readers is that there is no such thing. Inflation is very much in control. It's controlled by the Federal Reserve.
The term "out of control" inflation is used to deflect responsibility. It's used to make inflation seem like this unknown force that just seems to happen. The government would have you believe that inflation is a monetary Katrina that forms and strikes out of the blue and then they rush in to try to clean up the damage.
The truth of the matter is that we know what causes inflation, the government causes it, there are lots of warning signs, there is no surprise, and it's far from being out of control.
By printing money by the barge-load to fund our military and bail out Wall Street, the Federal Reserve is flooding the market with hundreds of billions of dollars that have no actual value. When they do this, the supply of money becomes so great that the value of money goes down. It then takes more of these less valuable dollars to buy things and thank god for debit cards because they will save us from using wheel barrows to haul money to the grocery store.