Why did almost nobody see inflation coming?

Project Syndicate/Jason Furman/1-17-2022

“In 2008, as the global financial crisis was ravaging economies everywhere, Queen Elizabeth II, visiting the London School of Economics, famously asked, “Why did nobody see it coming?” The high inflation of 2021 – especially in the United States, where the year-on-year increase in consumer prices reached a four-decade high of 7% in December – should prompt the same question.”

USAGOLD note: How much, we will venture to ask, is not simply willful blindness? An unwillingness to read the signs, no matter how apparent the outcome. The truth of the matter is that a good many saw it coming and we published their warnings here.