We can't print our way out of trouble? Yes, we can.
M2 growth in Feb was 6.9% vs. Feb 2007. But this is not all. Six months from Aug to Feb produced an annualized growth rate of 7.7%. But wait, it gets even better. During the last 3 months from Nov to Feb M2 grew at annualized 10.3%. The last number, IMHO, is closest to the actual inflation to be expected in 2008.
And this graph is just fascinating.