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With such a weak (jobless) recovery in the States, and in Europe, too, central banks are apt to leave money in the system far too long. The end result: stagflation, a combination of a sluggish economy and increased price inflation. First price deflation, then inflation. Hoenig is right to anticipate price inflation, but who is to say his timing is correct? His seeming certainty, in our estimation, is a kind of promotion, no matter how sincere his motives.