Why we cannot inflate our way out of debt

Why we cannot inflate our way out of debt If a central bank abandons its inflation target for growth, will markets believe it has the stomach for high, growth-killing interest rates to reduce inflation, writes Raghuram Rajan
http://link.ft.com/r/2SRI11/08OJ8W/UUPHQX/BMAZZW/U1L754/KI/h?a1=2011&a2=8&a3=16