The Big Picture: All the inflationistas – and hyper-inflationistas: You missed your window. Inflation was running rampant during 2001-07, and you somehow seemed to overlook that.Here are two annotated graphs from economagic.com
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Looking further back we find the high inflation was started by the oil shock crisis of the 1970s and then continued even as the price of oil fell pre-crisis levels (adjusted for inflation). Oil started high inflation but it was perpetuated by the fiscal actions of the last three decades. In the graph above the monetary policy of Greenspan is blamed for the high inflation of the 2000s. However, as the graph below shows, Greenspan was merely a participant in the established trend.
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