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Excellent post. I completely agree.

Nice post with good message. Unfortunately, memories of the 80s are dimming.

Thanks Scott and John!

Nick:

A second thought. If the main cost of inflation is the cost of bring it down, why bother?

. I think inflation has substantial costs in addition to the cost of bringing it down.

John: if the cost of bringing inflation down were the *only* cost, then I agree: why bother? But if it's just the *main* cost, and there are costs to inflation per se (as I agree there are), we would get a one-way ratchet of ever increasing inflation (which would be bad) if we never bring it down after a missed target.

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