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Inflation is the “monetary expression of distributional conflict”
Milton Friedman
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Other modern bubbles were as the popping of children’s balloons to the crash of the Hindenburg airship
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Far from soaring interest rates, as doomsters consistently predicted, Japanese bond yields have fallen to vanishing point.
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The message was clear – deflation was the fault of Japan’s inadequately fertile womenfolk, not the elite officials of the central bank