CLTL - Central Banks Soften Us Up For Higher Inflation

There was a time when "price stability" - that is, money that buys the same amount of stuff every year - was considered a good thing. But as debts began to pile up around the world, it became clear to policymakers that managing that debt required money that got a little less valuable over time, say 2%, to allow debtors to pay interest in cheaper currency and employers to placate workers with "cost of living" raises.

This delayed the reckoning on the old debt but at the cost of soaring new debt, as pretty much

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