There is a clear temptation for the West to extricate itself from the errors of the Greenspan asset bubble, the Brown credit bubble, and the EMU sovereign bubble by stealth default through inflation.

西方人有一种明显的倾向，希望通过通货膨胀造成的隐性违约，摆脱格林斯潘的资产泡沫、布朗信贷泡沫和欧洲货币联盟主权泡沫。

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The economists were increasingly concerned that fiscal and monetary policy were too stimulative to the economy, which means they are worried that economy-boosting government spending and low-interest rates could eventually result in damaging high inflation or an asset bubble.

NPR: Economists Were Opposed To Automatic Spending Cuts

Meanwhile, BoJ officials have long expressed fears that aiming for significantly higher levels of inflation could trigger a bubble in asset prices -- or worse, a collapse in the currency.

CNN: Bank of Japan bows to inflation pressure

In Mr. Zimmerman's view, gold is an investment that likely will benefit if inflation ever picks up, or if financial markets turn unhealthy as investors chase stocks and risky bonds, something generally called "asset inflation, " as seen in the U.S. housing bubble.

WSJ: Gold's Fall Stings Texas Universities' Endowment