If it Was 'Naked Expropriation' Then, What is it Now?

We call it the ‘Great Inflate-up’.

It’s the idea that central banks — especially the US Federal Reserve — don’t really want inflation to fall.

That the Fed is quite happy with inflation at 3%. Or even higher.

Why?

Because inflation destroys the value of current savings. That’s relevant because high inflation does the same thing to the value of current gover…