Reno is mistaken and your inspector is correct. 2005 NEC article 250.50, "Grounding Electrode System. All grounding electrodes as described in 250.52(A)(1) through (A)(6)that are present at each building or structure served shall be bonded together to form the grounding electrode system. WHERE NONE OF THESE GROUNDING ELECTRODES EXIST, ONE OR MORE OF THE GROUNDING ELECTRODES SPECIFIED IN 250.52(A)(4) THROUGH (A)(7)SHALL BE INSTALLED AND USED." I believe that is quite clear. 250.52(A)(4) through (A)(7) does not list the 4th wire(EGC) of the feeder as a grounding electrode.