[dropcap]I[/dropcap]n case you missed it, Harvard’s Kenneth Rogoff makes a compelling argument about why some inflation may be good in the current economic environment. It’s always dangerous to say “this time is different,” but it also seems this downturn has more dissimilarities than similarities to typical recessions (2008 excluded). To be sure, we’re not officially in a recession and we may still avoid one. But it makes one wonder whether recent policy moves, particularly those of the Fed, are based on a misdiagnosis of the current state of affairs. If so, won’t they ultimately prove useless?
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