A recent article by Michael Shedlock regarding inflation does the best job so far of breaking down the debate between the deflation and inflation camps.  Using charts and graphs and simple language Shedlock strikes at the core of argument and really makes a compelling case. 

For those not interested in economics or get easily bored reading about monetary supply, credit and other thrilling material - PLEASE READ THIS POST.  Sorry, got ahead of myself.  Look, the material may be boring, but it is absolutely imperative you understand the inner working of the financial system and what this means to you and your family in the next several years. 

Shedlock's site is generally a daily read and you can find the link on my blog roll (on the right side), he is of the Austrian economic school which immediately puts him on the same footing of every person who has correctly predicted the 2008 collapse and writes in simple to understand language.

Given that credit conditions and bank lending have not changed and treasury yields are still near historic lows, fears over run away prices and soaring interest rates are misplaced. You can choose to call this environment "inflation" or "stagflation" if you want. No one can stop you. However, practically speaking, there is far more "stag" than "flation" and the proper prefix is still "de". The stage is set for another market crash.