I got a call from a Swiss Broker chum y'day telling me they see a rise in demand for TIPs – Inflation Linked bonds. Although I'm not seeing any significant action in the inflation linked ETFs I watch, it makes sense to keep a weather eye on inflation: the global economy isn't actually producing anything much, but we are still buying lots of stuff. If demand exceeds supply – that pushes prices higher = inflation. 

You could argue that no one is earning any money, therefore can't spend anything, that's deflationary – but we just created billions of billions of cash. The real issue is where all that ersatz cash actually goes.