Not sure I would consider inflation "harmless." Contemporary finance is built on several decades of stable, continually declining inflation in all the advanced economies. You're talking about a huge paradigm shift that may unanchor inflation expectations. Which we haven't had in, again, decades, and never had with a finance sector THIS big.
And, yeah, we killed inflation in the US, after an extremely painful, politically challenging double-dip recession. After which the savings rate plummeted and the over-financialization of US life began.
And, yeah, we killed inflation in the US, after an extremely painful, politically challenging double-dip recession. After which the savings rate plummeted and the over-financialization of US life began.
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