“The federal budget has been battered by the worst economic downturn since the Great Depression of the 1930s, as tax revenues have plunged and spending on safety-net programs like unemployment insurance have skyrocketed.”
In an economy that is 80% consumer driven, where there are no savings, and where debt burdens are at historic highs, contracting credit spells doom for the retail economy hence doom for asset values thus doom for tax revenue.
So, unless someone should be able to turn around the debt creation dynamic to anything resembling the average trend of the last decade, inflation is pretty much dead.
No inflation = bankruptcy of government
Bankrupt Western governments will not and cannot admit to insolvency.
World war by 2012/2015