The Bank of England and other thieving central banks have come up with a terrific wheeze.  They print loads of money and then reassure us that it’s not leading to rampant ‘inflation’ (by which they mean prices going up).

It was observed long ago, by the economist Ludwig von Mises and others, that 'inflation' is not  the same as 'prices going up'.  Inflation means printing money (or increasing the money supply by various subtle means).  This does not always lead to prices going up.  In fact it is possible to have inflation when prices are going down.

When the effect of an artificial boom ends, prices typically fall, as markets clear.  This is the process by which markets return to normal and provides the basis for real growth (rather than a phony, credit-fuelled boom).

Printing money, which is what governments are currently doing on an obscene scale, is causing prices to be far higher than their true market levels.  This is real  inflation, we are experiencing an awful lot of it, and it represents a continuation of the very policies that landed us in the mess we’re in.

When prices are going up  after a massive crash, as they are now, we should be very worried indeed.  Our governments and central banks should be held to account.  They are too stupid and self-serving to be left in charge of money … time to privatise the stuff (and to abolish central banks).