Inflation, Deflation, What's going on?

I really hate people trying to categorize our global economic system state and USA's economic situation as buzz words like inflation and deflation.

Oversimplifying complex situations creates false impressions of the reality that faces all of us.

I started a series of posts to explore money, and inflation and deflation topics. If you haven't read it, you can do so by starting with the first post "what is money".

For this post, I WILL oversimplify and focus on what people do tend to notice, and that is rising costs to consumers. We have recently seen some decent spikes in commodities, especially some foods such as corn. Other obvious price rises is gold hitting all-time highs, and oil rising.

At the bottom is a video from Walmart CEO starting to see cost increase creep. Welcome aboard! I have been stating this since 2008 as a result of our poor economic and political decisions. Its pretty much at the stage of destiny, but I try to leave some hope.

Some other notable recent articles, from ZeroHedge.com

Goldman Sachs raises corn price forecast by 30%

Inflation expectations 2010-2011

Philly Federal Reserve president's speech "inflation may require aggressive policy action".

Brent Oil hits 119 a barrel

Wal-Mart US CEO To America: "keeping eye on Inflation"