Inflation has remained dormant for so long not because central banks were successful in taming it.

Former Fed chairman Paul Volcker brought down price rises in the 1980s, but at the cost of two recessions.

Afterwards, expanding global trade, the decline in the crude oil price and the advent of e-commerce pitched in.

Independent central banks targeting inflation did not tame inflation, but the erosion of labour power and the consequent moderation in wages did.

The final act for the US dollar as the global reserve currency.

It may not be the end, but it is the beginning of the end.

Englund