Bill Miller on the Fed's ability to avoid hyperinflation II

Well you never know [if you're headed for a big, surprise shock], the markets, everything is uncertain. But, you have history to go on, you have theory to go on, you have enormous slack in the economy, what you've got, you know, is the unemployment rate is still 8.8%, you're a long way away from wages, which are 70% of corporate costs. You'd certainly need to be closer to capacity utilization in the 80s instead of in the 70s [percent] where we are right now, you'd need unemployment down probably 5-6 [percent] before you're going to have any type of a cost-push in things.

~Bill Miller, chairman and CIO, Legg Mason Capital Management, CNBC's Squawk Box, April 6, 2011