"No serious economist is worried anymore about inflation."
"The problem is deflation, not inflation."
"We need to reflate, rather than worry about inflation."This is despite growing inflation, and the Austrian analysis (which predicted this crash in detail), that if we keep going as we are, with ever-decreasing interest rates, increased government borrowing, and increased government spending on white elephant projects, then inflation or stagflation, or possibly hyper-inflation, is a dead certainty, even in the heart of a depression.
I'm going to nail my colours to this. Come back in three years time to make me eat my own hair if it ain't so. Though I am only an armchair economist, so what do I know?
What is a much more interesting question, however, is what all of these "serious" (i.e. Keynesian) economists will do, if they are wrong, and inflation becomes a real monstrous problem. Will they resign their fat lucrative positions within the heart of the exploitative class?
To ask the question is to know the answer, for we know exactly what they will do. They will invent a bodyguard of plausible excuses as to why they were right all along, and keep taking their salaries, thus proving Rothbard's Law that nobody ever retires. No matter how wrong.
Let the battle commence. Set your alarms for three years time.