Inflation isn't a one-way rocket ship. It's a process, and it works its way through the economy gradually, if done skillfully, by a central bank.

Remember that inflation comes in several stages. In the first stage, prices go up, but people cut back, so some prices actually go down a bit at the end of the first stage.

Usually governments come under pressure from people at this point to "do something." That is coming in November, if it does not happen before November.

In the second stage, people run to anything of tangible value to get rid of currency as quickly as possible before prices go up. If you're already there, then you should be glad you're ahead of the crowd.

In the third stage, the currency collapses, and in the fourth stage, the whole monetary system gets rebooted.

Think outside of your position here and now, and try to imagine what it will take to get to a deflation. These debts are unpayable, so the pols will try to inflate them away. KEY to this is to keep people fooled - the government does not get the same bang for its inflationary buck if inflationary expectations rise. That increases money velocity, which takes inflation out of the hands of policy makers (they HATE that!) and fewer people are therefore cheated by the power of the printing press.

That's how the game of paper money is played. I have one of the best libraries about the subject of inflation and deflation, knowing this moment would come.