Must Read: Standard Chartered Issues The Definitive Report On Global Inflation And Its Miscontents

In other words, when Bernanke is waving his hands in the air screaming "non-core" like a delirious imbecile, while Asia is burning, it really won't help anyone...

The key points in the report:

• We see three broad themes over the coming months: (1) a burst of strong US growth near-term followed by renewed disappointment; (2) periodic waves of concern over European debt as austerity bites; and (3) rising inflation in emerging economies that threatens to bring sharp monetary tightening and socio-political instability.
• Of these three themes, rising inflation in the emerging markets (EM) - especially countries in the Middle East and North Africa - complicated by political and demographic challenges, could risk inflaming socio-political tensions and destabilising growth.
• Even in Asia, where fundamentals are strong and consumer price inflation should be contained below 2008 highs, the risk is that governments may act too late – or worse, mis-diagnose and make the situation worse. Among those running higher risks are Vietnam, China, South Korea, Indonesia and the Philippines.