It seems doubtful that voters in the heartland states have turned into rentiers worried about the return of inflation; they have debts like everyone else.
But faster global recovery and the return of inflation should be the main themes in 2011, punctuated by euro zone aftershocks.
European bond prices have dropped in a widespread sell off, sending investor returns higher, as markets brace for the return of inflation.
The main reason for the return of inflation is that oil has become a lot more expensive; "core" inflation rates, which exclude oil and food, remain much lower in all countries.
It does not represent the return of inflation.
But the strength of that recovery remains in doubt, Hill says, especially if the Federal Reserve begins to push interest rates higher to head off the return of inflation.
So what explains the return of food-price inflation?
And, despite the hints in recent months of a return of inflation, gilt yields will fall below 2% (from 3.5% today) as deflationary forces reassert themselves.
In the early 2000s, it responded to the return of only barely positive inflation rates by ending QE and briefly raising interest rates.
Gold is a store of value that would hold up in the event of a currency crisis and a return of inflation.
