Inflation for me, but not for thee

Last week, I said that the Dirty Fed's money printing would cause asset and commodity inflation, but not equivalent wage inflation.

Reformed Goldmanite Emanuel Derman sees the same thing:
People seem to think that inflation hasn't kicked in yet, but inflation supposedly happens when too much money changes too few things.

I think we are already seeing inflation as a result of increases in the money supply, but the inflation is limited to those sectors to which the increased money supply has flowed. The money being printed hasn't flowed into people's pockets, it's flowed into the financial firms. As a result, the prices that have gone up are those of securities, the things financial firms buy, rather than food and clothes, the things people buy.

He's right. "Our" U.S. dollars are being brutally debased, but the only beneficiaries are the dirty banksters. I'm with Angry Future Expat:
If the policy is to defeat deflation – and it is, and should be – the way to do it is to give people money to pay down (off?) their debt. Call it a jubilee, a money financed tax credit, whatever the [...] you want, but it is the way – the only way – to make headway against the deflationary forces gripping the U.S. economy.

HT: T-Dub.

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