There is no critic more discredited today than the inflation hawk.
This breed of economic observer predicted disaster when the U.S. Federal Reserve started “printing money” in March 2009 to fight the Great Recession. “I am 100 per cent sure the U.S. will go into hyperinflation,” Marc Faber, a Swiss investor known for his Gloom Boom & Doom newsletter, said at the time. It never happened. The U.S. Consumer Price Index increased only 1.8 per cent per year, on average, between 2010 and 2019, less than the Fed’s target of two per cent.
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