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TS Lombard/Dario Perkins/11-4-2022
“What is the point of this rear-view mirror rundown of the last decade? When you look back at the entire period, it feels as if there was a certain inevitability to where we have ended up – and where we are headed. Despite what some pundits thought, Japan-style deflation was never the endgame. For most democratic societies, inflation is the only socially-acceptable way out. We tried the ‘orthodox approach’ of austerity last time. Now the ‘unorthodox approach’ beckons…”
USAGOLD note: Perkins, formerly an advisor to Gordon Brown, concludes that we are now in an era of inflation, as opposed to disinflation in the past, but sees it as relatively benign. “Inflation,” it says, “will always be a little too high (as opposed to a little too low).” But at 10.1% in the UK, it is more than a little too high. Perkins appears to underplay the inflation threat and the primal forces it could unleash.
Cartoon courtesy of MichaelPRamirez.com
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