The Price Stability Mandate No Longer Applies

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“But he hasn’t got anything on,” a little child said. – Hans Christian Andersen, The Emperor’s New Clothes

The 21st year of the 21st century was the moment when central bankers’ masks came off and the ugly truth was revealed: there is no master plan, no expert guidance behind the fiat monetary policy. The only ambition is to kick the can down the road for at least a couple of more years.

Monetary policy of perpetual inflation acts as an inadvertent marketing for Bitcoin, as more and more people look for a lifeboat for their purchasing power.

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