Military historians often conclude that an unsuccessful general is the one whose tactics & strategy are designed to win the last war, who fails to take account of the changed conditions of battle today
Our future economic historian may conclude that out mistake was to fight too hard against the problem of inflation – in current goods & services – and its evil half-brother, stagflation, caused in part by failures of investment
So our policy makers failed to spot the dangers of inflation in asset prices, foolishly mistaking it for wealth which could be invested
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