Britmouse has a quick and dirty response to Merv’s final Inflation Report. I’ll hopefully write something tomorrow, but for now, as usual, refer to him:
Mervyn King coined the term “inflation nutter” in 1997 to describe those who embraced stability of inflation above all else. Governor King in 2013, along with an entire generation of central bankers, will still claim “nothing is more important” than price stability. That is the legacy of King and the rest of the modern-day inflation nutters.