Just as importantly the shale boom is exogenous, real and likely deflationary.

FORBES: Shale Boom is Real Enough

Indeed, unless an inflationary boom is fed with more and more inflationary credit a deflationary bust we will quickly get.

FORBES: Monetary Watch June 2011, Inflation prospects post QE II

But there is, so far, little to support the fears, advanced by some, that following the stockmarket bubble and investment boom of the late 1990s, America is heading for a Japanese-style deflationary cycle from which, like Japan, it could take years to emerge.

ECONOMIST: That sinking feeling | The