An inflation nightmare? Time to wake up.

Gas is going for more than $4 a gallon, gold is riding a boom, and the Federal Reserve is seemingly complacent about these developments. Among critics of Barack Obama and Ben Bernanke, the consensus is clear: Inflation is making a comeback.

“The Bernanke policy of printing money is setting the stage for massive inflation,” claims former House Speaker Newt Gingrich. Rep. Ron Paul, R-Tex., decries “the inflation all Americans suffer due to the Fed’s relentless monetary expansion.” Former Sen. Rick Santorum, R-Pa., fears not just inflation but “potentially hyperinflation.”