Bernanke spoke out of both sides of his mouth about inflation because 1) he is a liar, and 2) he had to. While the Fed should be raising interest rates like Volcker did in the '80s, it cannot, both because our economy is on fiscal life support, and we have more debt than we can handle once interest rates go up. The dollar index (measures the dollar against other currencies) is near all time lows, so as I've pointed out before, if those other currencies have inflation, we have it worse, regardless of the propaganda our government puts out. One other point: if the dollar is discredited, all fiat currencies are discredited. When you have been burned as badly as we have burned the world through our monetary policy, will people quickly put their faith in some other central bankers?
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