I thought this was a great interview with John Williams. As we watch inflation soar, I thought his inflationary thesis would be one that we all should consider.
John Williams is a Dartmouth educated economist who doesn't get a lot of air time on the networks because his views on the economy are grim. This piece is from CNN. Expect to hear more from him as the economy continues to deteriorate.
I think we will see a Japan style deflation after the recession hits. However, Mr. Williams thesis must be considered as oil and commodities keep rising. We could see deflation and inflation at the same time in different areas of the economy. The end result may be what John describes here.