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Obviously the austerity meme has served its purpose. The world's central banking wise men seem far more worried now that, left unattended, the West will continue to struggle with deleveraging and price deflation. We have predicted this all along, running a series of articles discussing inflation and deflation and suggesting in the kind of mercantilist central banking economy that exists today around the world the likely outcome is an inflationary problem rather than a deflationary one.