Inflation Didn't Take Place.

Alan Meltzer had me scared stiff that inflation was going to come back the day after tomorrow and it just never happened. Interest rates stuck at zero. Inflation went nowhere. That's exactly what the what fiscal theory says it would do. No deflation spirals. So that one I'll chalk up as a victory. The harder question is there were big deficits in 2008. And those did not cause inflation. And there were big deficit in 2021 and those did cause inflation. It didn't happen. Well, good thing. Wouldn't it be nice to have a theory that is perfectly consistent with in LA with inflation is constant no matter how much the fed does of this stuff?