Wouldn't this require an agreement from all the Great Powers?

The US may try it, UK may try it, but would the rest of Europe go along? We are the engine of inflation worldwide. Remember the Germans remain very sensible about inflation. The Russians have had their great inflations, and probably would like to see inflation go down as well. Brazil too. After the Olympics, will the Chinese be as nice as they have been, especially once their buddy Paulson leaves?

If the leadership of these countries and India work in close concert together, then yes, we are screwed. However, if they do not harmonize monetary policy (which maintains the free lunch for holders of dollars and screws producers elsewhere), then we plunge into the abyss.

Good time to hold insurance I think.