Ringing in another inflationary epoch?

Easy money may be an illusory – and dangerous – solution to stagnant economics.

Stock markets around the world leapt last week. Many commentators said that this was mainly out of relief that the United States government had decided, on New Year’s Day, to make at least a down-payment on the huge tax and spending adjustments that the US, like the European Union, needs in order to adjust to the harsher, more competitive, global economic environment.

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