Inflation Itself Caused the Credit Bubble?

Martin Wolf analyzed a recent GS research paper. Conclusion: Inflationary policies under Bush/Greenspan led to the credit bubble. How: inflation here decreased savings and increased borrowing.

Net result: inflation led to inflation, which led to devaluation (naturally, as a correction), but which has led to drastic inflationary policies to prevent depression. Maybe those gold bugs got it right after all.

If America can't compete globally as a manufacturer or farmer, our economy is doomed to stagnation, decreased wages, and general loser-ness.