Biglentil, it's my belief that we still haven't reconciled the sub prime bubble. I feel that al that has happened is the sub prime mortgage bubble has been replaced with a bond and equity bubble through cheap money and QE. When you compare commodity prices now compared to 2008 the tale is one of deflation. Demographics are ugly in the West and China for the next 10-15 years. China and emerging countries have kept things going via a somewhat self sustained feedback loop of export demand creating wealth leading to more export demand. Unfortunately things have slowed down enough to break that loop. I could be wrong, actually I'd prefer some inflation but I can't reconcile it happening.
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