The Hubris of Central Bankers and the Ghosts of Deflation Past

In 2003, while the United States was at the end of another boom and bust cycle following the bursting of the "dot.com" bubble and the Y2K scare, there were many monetary central planners at the Federal Reserve and the European Central Bank who were expressing fears about the danger of "deflation" and the supposed perils it could create for the economies of the United States and the Europe.

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