Our fearful response to inflation may have graver consequences than the inflation itself
for being “behind the curve” in its delayed willingness both to raise interest rates and to curtail its policy of buying bonds to bolster the markets. Now that inflation has been elevated for months, he has been doing the rhetorical version of victory laps and many have cited him as part of an overall argument that for the first time since the late 1970s, the inflation genie has been let out, with unpredictable and likely destructive consequences.
That inevitable arrived in 2021 when the combined effects of a waning pandemic and trillions of dollars in government stimulus in the U.S. and around the world led to an explosion of pent-up consumer demand, which completely deluged global supply chains that weren’t staffed or prepared.
Inflation is an economic statistic, but it is also an intensely charged word and experience. The DNA of every central bank is to fight inflation. After all, the political crises and wars in the early to mid-20th century were all preceded by intense periods of price instability, with inflation in Weimar Germany seen as prime cause of the rise of Nazism.
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