The Fed has chosen inflation.  I am happy about this.  Stock investments and Real Estate will appreciate to match the inflation, while corporate cash reserves and individual debt will be devalued.  This isn't the same thing as bailing out debtors after the banking crisis, but it's the next best thing.  Devaluing the dollar will also help our recovering domestic manufacturing base to compete with China and other third world production centers.

And yes, this means I am no longer bearish on gold.  But I'm still not going to buy it; I think stocks are a better inflation hedge.