Calafia Beach Pundit shows how the U.S. has been experiencing both long-term inflation and deflation at the same time. Essentially, the cost of services has been rocketing higher, just as the cost of durable goods has been rocketing lower:

Twelve U.S. Deflation Charts

12 Charts On The Spread Of Deflation Across The (U.S.) Economy’.

Who to Believe, U.S. Inflation/Deflation

An article today titled ‘U.S. Economy:  Who to Believe?”  reports on a number of upbeat comments made yesterday by U.S. Fed Officials.  The article then goes on to recite contrary commentary by Chinese Premier Wen Jiabao, the European Central Bank, Nouriel Roubini, and others.  The article concludes with the author asking the questions (I assume ‘tongue in cheek’): “So, who should I believe?”

….read it HERE