The owners of the long faces you show — Jay Powell, Andrew Bailey and Christine Lagarde — should do their homework (“Central banks rethink forecasting after failures”, Report, December 29). They should read Milton Friedman. Learn that inflation is always a monetary phenomenon.
It is not under their control. The persistence of inflation over the past three years is directly the responsibility of their political masters — whether the UK parliament, the US Congress, or the mish-mash of legislatures of the EU.
All three central banks have printed money in excess of revenues. Shame! It is not a “forecasting failure”, as your piece suggests, it is a failure on their part to recognise an unpleasant truth.
Karl Ziebarth
Dallas, TX, US
