When your house is burning, there is no sense fretting over painting the fence. With the U.S. economy mired in what will likely be a recession of historic proportions—and an outright depression in some industries—it would be foolish to get too worked up over future inflation concerns. However, it is very likely that inflation will once again become a major concern for central bankers around the world sometime within the next decade. It might behoove the incoming administration and future aspirants to the Presidency to begin searching for another Paul Volker. For it is very likely that such a person will be needed once the current fire is doused.