Over the last year there has been a veritable explosion of the money supply. In the US, M2 has surged by 24pc. In the UK, M4 has increased by 12.8pc. And in the eurozone M3 has grown by 11pc. (In all three cases the expansion of the ultra-narrow measure of the money supply has exceeded 50pc.)
Me, I say inflation returning is likely. Spud that it’s all under control.