FROM THE DEPARTMENT OF “BAD LUCK:” Central Banks Run Printing Presses—Inflation Rises. “There’s no free lunch in economics, not even for central bankers and their powerful printing presses. As central banks across the world come up with ever-more exotic plans to stimulate us out of our economic malaise, the threat of inflation is always looming in the background. Some recent data points quietly point in that direction.”

Inflation is good for debtors. The United States and Europe are the world’s largest debtors. What do you expect?