Deflation may be the real danger for central banks

ARTICLE - Deflation or inflation - could the central bank guns be facing in the wrong direction? This article suggests that rather than worry about inflation, the major central banks could instead be preparing for a battle against the opposite, deflation.

First published in the UK's Independent newspaper by Hamish McRae, 14 November.

The Bank of England's position yesterday seems still to be that the greater danger is inflation and there are several reasons to support that view. The US Federal

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