An Inflation Reality Check

Most central bankers and investors seem to prefer the prospect of high inflation for a couple of years to even a short and shallow recession. But they too easily forget the costs of high inflation, and how difficult it is to squeeze it out of the system.

CAMBRIDGE – As inflation continues to soar everywhere, maybe the world’s central bankers need a jolt to awaken them from complacency. How about holding one of their bi-monthly meetings in hyperinflationary Zimbabwe? It might not be comfortable, but it would be educational.

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