Inflation ahead? It is “arrogant” to assume developed world economies are headed towards deflation, says a Deutsche Bank Konzept research report. The same people that unwisely “dismiss inflation out of hand” due to a lack of wage growth – the report particularly pointed out Larry Summers on this issue – need to look at all the information, not just that which supports their economic thesis. “Here is the conclusion upon which these facts are based” does not lead to a rigorous academic examination of issues and does not shed light on realistic probability paths ahead.
US unemployment, as measured using a consistent formula over the near term, is undeniably in...
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