But, as long as inflation measurements includes housing, we really hide the true cost of globalization. We have relative deflation in the cost of good produced

But, as long as inflation measurements includes housing, we really hide the true cost of globalization. We have relative deflation in the cost of good produced overseas and cheapened by labor arbitrage, but loose monetary policy is not evident in those diminished captital flows. Instead, too much money is chasing a stagnant supply of housing and inflates the value further. Net, central banks target inflation, globalization and labor arbitrage cheapen goods, while the lack of any globalization or arbitrage or supply drives the cost of housing up and up. In the end we balance it all out, and it looks like monetary policy is a very low-res tool.