(Increasingly Unwieldy) Monetary Disorder

``In a world with some semblance of normality, one would look at surging energy prices as portending restraints on growth. Global bond markets would fret at breathtaking surges in commodities prices – along with the specter of hoarding and inflation psychology becoming firmly entrenched. But these are the most abnormal of times. It is not beyond the realm of possibility that a booming Asia might actually relax and further monetize higher food and energy prices. Global bond markets - that in the past could be counted on to help dampen incipient inflation through the imposition of higher yields – remain these days fixated on the likelihood that the Fed and global central bankers will for an extended period ignore inflation and stick with ultra-loose money.''