Yet the financial and commodity markets are behaving as though the inflationary danger is waning.

When they drew up their currency plan in 1990 and 1991, European leaders were preoccupied with the inflationary dangers of German reunification.

In a statement, the Bundesbank said the increase, the fourth this year, was intended to "combat continued inflationary danger."

Instead, he warned of the continuing need to worry about inflationary dangers.

If you had a big tax cut right now and people were spending more, the inflationary danger would be much more real than it is now.

"I think the net result was their growth was too slow during the period of time when there wasn't much inflationary danger."

The weak euro has aggravated inflationary dangers because it has pushed up the cost of imports, most particularly of oil.

Another oil shock would seriously aggravate the inflationary dangers that troubled the markets early this week.

How serious is the inflationary danger?

The implications of these revisions we'll ultimately find impossible to ignore, even if so many continue to dismiss the inflationary dangers we face.