If you haven't read North's translation of Ben Bernanke's August 27th speech in Jackson Hole, WY, do yourself a favor and check it out. Fed chairmen have an important job: to deceive the public. Greenspan did it with "verbal obfuscation," North writes in Part I, while Bernanke achieves his aim with boredom. In Part II, North reveals what only futures traders and a few others seem to know, that the Fed has been deflating since March. But fear not. As a central bank, the Fed exists to inflate, and when all else fails, we can count on it do its job.