One not often addressed issue with our inflation fear crowd is that we know how to stop inflation. Even if inflation does start ticking up to some unimaginable horror like 3.5% per year, the Fed can quickly take away the punchbowl. To keep beating the inflation drum, you have to believe both that despite being wrong for the past 5 years, it really is around the corner this time, and that the Fed wouldn't react to kill it if it appeared. And that last part is truly nuts. Of course they would (even if they shouldn't).