A few months back, Ben Bernanke and the Fed decided to print $600B or so to buy Treasuries because inflation was too low. I'm rather of the opinion that he did it because he knew there wasn't another $600B of demand for US debt and rather than try to curtail Obama's failed Keynesian spending binge, he opted to provide a printed money bailout of the government. Whatever the real reason, he did it.
Meanwhile, the revolutionary conflagration sweeping the Middle East has oil at or above $100 a barrel. Both of these events, printing money and an unstable source of petroleum, are inherently inflationary.
Yikes?