With all this printing money; i take it that the US relies heavily on other countries using the US dollar for trading commodities (oil, gold, metals). What would be the likely effect of say some like the EU, Middle east, china using a different currency for trading (EURO?). Im just wonder how much of this borrowing is dependant on crazy trade deficits and a constant demand for US dollars...

Also i would of thought that high inflation would be just as bad if not worse then deflation as the reserve bank would most likely need to raise interest rates (see Australian recession mid 80's) causing massive amounts of bankruptcy and even more loan defaults. Not much fun being a reserve bank chairman around now huh?