Can't tell you that I have a full grasp of this yet, but pay attention to what Lacy Hunt is saying. There's obviously a difference in this expert's eyes. (I think I posted a transcript of an interview with him in the Forex and Commodities thread.
Full disclosure: I'm in the deflation camp.
You did post and I listened to that podcast (and enjoyed it immensely. Thanks!) ... and then I listened to some of the other installments in that podcast series and there are some other experts which make strong arguments to the contrary (inflation).
It is definitely a complex and fascinating subject, but to my non-expert mind, it seems obvious that we're heading for inflation (perhaps not in the next year or two, but at some point in the next few years).
On a very basic level the government is creating more money and putting it in the hands of individuals while economic capacity remains the same. I get that there are currently strong deflationary forces in play, but over time more money chasing the same goods = inflation.