'The Great Inflation Sabbatical Is Over' [updated]

"The Fed’s obsession with its inflation targeting goals has led to the worst of all possible worlds: Namely, roaring financial asset inflation which is profoundly inequitable and destructive of capitalist prosperity, followed by a renewed outburst of goods and services inflation that has come out of hiding from ... China ... "
          ~ David Stockman declaring 'The Great Inflation Sabbatical Is Over, Part 1'

UPDATE: 

"It should be damn obvious by now that the Fed’s massive monetary inflation of the last several decades has manifest itself primarily in asset prices. And that’s a very sharp change from the initial period of fiat money after August 1971 when goods and services inflation predominated. For want of doubt, here is the smoking gun ..."