Now, we've got inflation working over time, but it is not taking. NFTRH152 tried to make this point using the Federal Reserve's MZM and M2 money supply graphs along with MZM and M2 "velocity" graphs. Velocity of money is a big thing for deflationists.
Anyway, I always find it interesting to review the big pics, and this one on T bonds puts the inflation noise of late 2010 and early 2011 in perspective. Next up, the public becomes frightened of deflation and we swing to the left doe cee doe.