Breakingviews - Does $20 trillion buy much inflation?

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(Reuters Breakingviews) - It seems to take a lot of money to generate even a little bit of inflation. Around $20 trillion worth of global stimulus measures have been unveiled so far this year on Bank of America’s calculations. That’s more than a fifth of last year’s world economic output. Yet investors are not exactly quaking.

Take the so-called five-year/five-year forward, which predicts inflation rates in the second half of the following decade. In the euro zone, this gauge is up an impressive three-quarters from an ultra-low 0.72% in March. But at 1.25%, it is still lower than in January, and significantly below European Central Bank boss Christine Lagarde’s target of just under 2%.

If Milton Friedman was anywhere near right about inflation, then the markets are dead wrong. The Nobel Prize-winning economist was sure that more money makes for higher inflation. Monetarists of his school make a big deal about the M2 measure of money supply, which includes cash in circulation and deposits that are fairly accessible. In June, euro zone annual M2 growth accelerated to 9.2%, the fastest pace since 2008. The comparable U.S. measure is growing at a stunning 23%.

 

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금속의 살균력과 알러지현상 은과 니켈이 거론되는듯 구리의 항바이러스작용이 있다는듯 -실험방법이 어떤지?-올바른 방법과 이론인지? 코로나마스크보다 플레밍 초상구리동전(구리화폐)을 입에물고 Bbf의 마스크를하면 무적함대가 되는 이론 금속의 살균력과 알러지현상의 설명은 어떠하게하는지?

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