"Fedhead Greenspan is playing with fire, but whether he understands that, or is merely simplistically assuming a little inflation would help counteract a deflation, will be revealed in the fullness of time, " writes Dines, whose portfolios were up on average 23% last year.

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The inflation (actually, the tightening of monetary policy to counteract it) is combining with other capital-flow dynamics to create acute concern about currencies.

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Either inflation would rise sharply, or the government would have to try to counteract the looser monetary policy with a big increase in taxes.

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