When Inflation Surges, Money Illusion and Central Bank Delusion

Stephen king is our senior economic adviser here at h s b c, and he joins us now. Stephen has just published a report entitled, when inflation surges, money illusion and central bank delusion. He argues that policy makers are increasingly at risk of falling behind the curve in dealing with the inflation threat. The idea that yo inflation was transitory, to use that sort of terrifying wortbefore using last year, i think was an error.