PIIGS ahoy!

``... inflation is about to bring down the hammer on the low-interest-rate era. Since both monetary and fiscal policies have been unprecedentedly sloppy for several years, the return of inflation will not be on tiptoe, like it was in the 1970s, but by something closer to a tsunami. Ben Bernanke will resist putting interest rates up to combat it for as long as he possibly can, claiming that it is ‘temporary" and attempting to get government statisticians to distort the figures even further, as they have done in Argentina. However eventually the bond market, compelled each year to absorb around $1.5 trillion of dodgy U.S. government paper (once Bernanke's QEII is stopped), will collapse under the strain and force a change.''