Ben Bernanke’s hands are so tightly tied that there is little hecan do to head off stagflation, that recurring nightmare from theseventies. The $1 trillion he has added to the monetary base is certainto bite back the second there is an uptick in bank lending. Governmentcrowding out has to push bond interest rates a lot higher. A budgetdeficit of 13% of GDP this year is about as inflationary as you canget. It’s time to take another look at gold, silver, and the short USTreasury bond ETF (NYSEARCA:TBT), which I recommended at the beginning of the yearat www.madhedgefundtrader.com/January_5__2009.html before itsawesome 70% run. For more on the risks posed by the stagflationmonster, please click here .