Any one who spends a few minutes searching Internet blogs will quickly be up to speed in the inflation/deflation debate. Currently the deflationists seem to have the upper hand.

They claim the freshly created money is mostly sitting in banks and likely it will stay that way for years. They believe there’s far too much consumer debt and rampant unemployment to invoke inflation. In a nutshell, they say credit is being destroyed faster than Ben can print.

It’s a strong argument, in fact I can’t counter it. Can you?