Read this comment predicting the course for the next few years on one of the review pages for the Dollar Crisis, which seems pretty reasonable:
"Deflation, followed by inflation. Money is being dropped by helicopters but only into banks, who are busy lending only to each other. The rest of the economy continues to contract, driving down demand and the need for liquidity, causing deflation and lower CPI. At some point, the economy will rebound, and Bernanke is confident that he can hit the brakes in time - but he won't be able to stop the flood of pent up liquidity, which will destroy the value of the dollar. In the short term, cash is king."