Easy-money advocates who look to Japan as the model have not understood the fundamental reasons why inflation in Japan remained feeble during three decades of dismal economic performance.
The huge amounts of monetary inflation of 2020 have indeed been translated into price inflation in 2021. Yet with the Fed now poised to slow things down, we might find asset inflation could suddenly go into reverse.
Joe Biden thinks that unless there's widespread government intervention in the economy, economic inequality "brews and ferments political discord and basic revolutions."
