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The central banks claim the lack of inflation is the key force driving their QE policy and permitting it to continue. This is central to their ability to stimulate. The moment inflation begins to take root, much of their flexibility will be lost. Today, those who see inflation in our future are back on their heels and off-balance. Many people see falling commodity or stock market problems as proof deflation is at our doorstep, however, it could be argued that QE has produced a state of oversupply. These people see the low commodity prices as