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Further shamed by the US dollar’s recent advance, the Inflationistas – circa 2010, were paraded out on stage last week, shackled to their failed beliefs that the policy accommodations initiated during the financial crisis would rue the day. Considering the conceit for which many had expressed that opinion at the time and general reluctance to reflect on what went wrong today, it comes as no surprise that the Statler and Waldorf’s of the world are now relishing a tender schadenfreude sirloin, that has been marinating slowly for years.
“Except for fuel costs, US consumers haven’t seen much in the way of inflation for almost a decade, so a broad-based increase in prices will be unprecedented in recent memory” – Bill Simon, then CEO of Walmart – Walmart CEO Bill Simon Expects Inflation – USA Today 4/1/2011