When the global markets learn more about the approved bailout program and its impact on perceived inflation, we should monitor the rates that central banks around the world sell their gold reserves.

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What makes such a solution particularly elegant is that Wall Street and the media will scream that you don't understand what you're doing and that their "perceived" inflation is going to go through the roof.

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That is because commodities are generally perceived as an inflation hedge.

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There is always the temptation to leave interest rates low just a bit longer to avoid choking off growth, and after previous downturns the European Central Bank was duly berated on all sides when it moved against a perceived risk of inflation.

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That's fashion and perceived quality, not inflation.

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At the same time, consumers will reduce spending as inflation erodes their real earnings and perceived wealth.

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Those same worries are leading investors to the perceived safety of Treasurys, even though yields on the 10-year note are well below expected levels of inflation.

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