Now, we don’t just have a weak economy, we have strong inflation.
In the past, Bank of England officials worried that inflation was “too low.” Peter said nobody over there will be talking about that again anytime soon — probably for the rest of our lives. That was a pretense. But now, it’s clearly much too high, and there is no way they’re going to get that inflation rate back down below 2%. They’re probably not going to get even close to 2%. And the same thing is true with all these other countries in Europe.
Even with rising prices, the Bank of Japan is targeting the yield on the 10-year Japanese Government Bond at 50 basis points. Price inflation is over 300 basis points.
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