Once upon a time, economics truly lived up to its moniker as the “dismal science” as central bankers sought to control interest rates and fiscal policy in a bid to control inflation. But having experienced two epoch-defining financial crises in 2008 and 2020, policymakers are once again getting behind former US president Richard Nixon’s proclamation that “We are all Keynesians now”, as central banks resort to quantitative easing to keep their economies afloat. The last thing on their minds is inflation, as interest rates were pushed down to near-zero levels in a bid to jump start sputtering economies. 

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