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A lot of words for a pretty simple thought that I'm not sure is right. Majority of book was spent showing different thoughts on inflation that were quite contradictory. I think the author did a pretty good job of showing no one really knows what's going on with inflation. I think also if you keep abreast of the news, you can get that same information - lots of different thoughts on if inflation is good or bad and what should the targets be. The author spent the last bit of the book talking about his idea of deflation - if you look at the percentage one spends for food and clothing across the world compared to one's wages, the percentage you're spending is actually dropping. By that measure, key items needed to live are actually deflating. Author talks about all sorts of efficiency reasons why this is happening. That may be happening but there is another key component that is rising and that is shelter. Author points out that shelter has gone from 12% to 17% of your wages which counters the deflation in other areas. This has been a well known economic concern - Henry George talks about in his book Poverty and Progress in 1879. You can drop the price of many items and even increase a person's wages but what happens is the landlords raise the rents so much that you end up in the exact same spot. If you really want to see real value in a person's take home pay, you need to control the rent they are paying. I think the author missed reading the book.
There's really nothing new in this book. And there's not really any meaningful analysis that portends some sort of real thesis going forward. In fact, to the contrary, much of it reads simply as a literature review about inflation - way too many quotes that don't advance any sort of unique perspective. Very disappointing.
Very timely given the current debate. A balancing argument for the majority chorus of inflation prognosticators. Mobius has been on the world stage a very long time - he has my respect, and when he opines I listen.