HEZU - Tight Money Gets Tighter
They staked everything on inflation. In truth, central bankers had no other choice. Having backed themselves into such a narrow corner by doing the same thing over and over and over again, it was only going to be one or the other. Either it worked or for all time they would prove they really have no idea what they were doing.
The proof would be inflation, that mysterious combination between money and prices. Only, it isn't really all that big of a mystery. Economists may not know how one becomes the other, but that doesn't