The saying goes that the biggest trick the devil ever pulled was convincing the world he does not exist. In the case of monetary policy, the “devil” has convinced us there is no inflation, and there is no risk in the current monetary policy.
Many independent analysts, however, say that the first argument—the absence of inflation—is not true. According to the Devonshire Research Group, the real U.S. inflation rate is almost three times the official rate of 1.9 percent.
