From my old University days... A quick lesson in inflation.

When a Roman Ceasar was once informed of his decision to make coins with less Gold was going to cause inflation, his replay was, 'Yes, but I get to spend them first!" I don't know if that is true, but the Prof threw that out to demonstrate the thinking of some Monetary Policy makers, one of today's which, oddly enough, was in my class at the time. He was an Oldsmobile nut.

And... The price of eggs in Colorado mining camps went to $1 per egg. This was because Gold was everywhere and eggs were scarce. The price increase was the result of too many nuggets chasing too few eggs. The lesson here was that if production does not keep up with the money supply you will get inflation since you will have more Dollars chasing fewer products.

I am betting BillyBob called this one right. Obama and Bush ran up the deficit, but in both cases the promise to pay is there as soon as the money is earned. The Fed is running up the money supply based on nothing but their ability to do so, and if this does not kick the economy into gear inflation will surely follow.