Inflation indicators that were flashing red at the beginning of the year have faded away. At the same time, central banks around the world have continued to tighten their policy, fearful that the global economy will heat up. This could be a deflationary trap. What if the entire world of money is preparing for the wrong disaster — which would be a disaster in and of itself? Since the financial crisis, Wall Street, central-bank heads, economists, and policymakers have been waiting...


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