Is it back to a 1970s future of stagflation?
Jeremy Warner 18 August 2020
Monetarism has a little bit of a voodoo reputation these days; those who make predictions off the back of money growth tend to be regarded as little better than people who take their instruction from movements in the stars, or read the tea leaves to know the future.
Keynesian thinking is instead fully back in the saddle.
The central bank printing press continues whirring with almost equal enthusiasm in the UK, the Eurozone and Japan.
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Talk of resurgent global inflation is mostly noise. Powerful deflationary winds continue to blow through the world economy.
Ambrose Evans-Pritchard same day
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