The costs of war are enormous, and inflation is a means by which governments attempt, more or less successfully, to hide these costs from their citizens.
By positioning themselves as guardians of truth and the only legitimate authority on complex policy issues, certain segments of the scientific community have largely created the very problems they now deplore.
There won't be a taper tantrum if the Fed seriously moves toward tapering. Investors now understand how the game works. Tapering doesn't actually mean the end of monetary inflation, and everyone knows it.
