As “dead” money continues to pile up in the form of unborrowed bank reserves, we’ve grown increasingly skeptical about the possibility of an inflationary spiral. Hyperinflation seems inevitable somewhere down the road, but what about now, as real estate deflation continues to asphyxiate the U.S. economy?  To all who have continued to insist that the Fed would not “allow” a deflation to occur, we say once again: Look around you. Even those two intractable engines of inflation – college tuition and health care – appear, finally, to be slowing down.  Moreover, an even more powerful source of inflation — government spending – has begun to decelerate with the lethal speed of a crash dummy. Yes, the party » Read the full article