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From the Archive: How Inflation Works
Ones and Tooze
Inflation Is Temporary or Transitory
Inflation is only inflationy when it becomes permanent and self sustaining. That's the only moment when you can really sensibly talk about inflation. But there's, frankly, little prospect of that. The byden administration is having a hard enough time tryime to get the latest round of stimulus through. So we may actually, in 20 22, face a sort of negative shock from the government side.
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