Is inflation coming back? Warren Buffett and the return of the ‘inflation nutters’

While Governor of the Bank of England from 2003 to 2013 – a time, in retrospect of extraordinary stability that quite lacked for drama – King identified the folk who worried about inflation to the exclusion of everything else.

If unemployment looked set to explode, they moaned about inflation. If a tsunami of debt threatened to overwhelm public finances, they moaned about inflation.

If an actual tsunami arrived just off the coast of Essex…you get the picture.

The Bank of England is supposed to manage monetary policy so that inflation hits 2%. That’s deemed to be healthy, a sign that folk are