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Latest House Price Inflation News (Slowdown)
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My understanding of economics is rudimentary so please forgive me. Doesn't this mean they will be fighting themselves?? Printing money promoting inflation and raising interest rates to cut inflation? Have I misunderstood?
The problem is that the BoE has already let inflation rip. This inflation has been in asset prices (check out house prices, art, antiques, shares and so on). The problem now is what the hell to do.
If you call an end to the party, you cause a lot of people a lot of pain - all those people relying on the credit card to pay their supermarket shopping bill for example.
The alternative is to let inflation creep into the more general price level (as is starting to happen I think) and inflate away some of the value of the debts people have and then stomp on inflation later.0
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