On a long enough timeline is all inflation transitory?

 On a long enough timeline is all inflation transitory?

On Wednesday the world learned that the US consumer price index had risen to 6.2 per cent in October — its fastest annual pace since 1990.

Inflationistas like Steve Hanke were indignant that US inflation was not a transitory supply chain problem. “Shifts in consumer spending have resulted in broad-based price increases across expenditure categories” because “the incompetent Fed has produced a massive amount of excess money,” he proclaimed.

You’d think the news would constitute a fairly disabling blow for “Team Transitory” — those who believe inflation effects are short-term consequences of pandemic-related supply shocks — in their ever intensifying battle against the inflationistas on Twitter.

But no. Team Transitory haven’t given up the ghost yet.

What’s more, on Thursday, they had the Bank for International…

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