@Miles--I'm going to have to agree with Hessah on this one.
I think the inflation hypothesis you described works under the assumption that the gold spammers are taking gold from someone else (that is, they are taking it out of circulation). But they are not. They are taking it directly from the game which is continually producing drops (which NPC into money) and quest prizes.
So now the amount of coppers/silvers/gold running out there is being produced two fold--by the players who are completing quests and getting drops and selling them, and by the bots who are farming away and selling those drops for money.
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