It’s so short-sighted to say that inflation is “tolerable”. Since 2008, the real inflation has been in asset prices - housing, equities, startup valuations hav

It’s so short-sighted to say that inflation is “tolerable”. Since 2008, the real inflation has been in asset prices - housing, equities, startup valuations have been up massively across the board. This has societal consequences. The divide between the asset owning class and the non-asset owning class has never been greater. Stretch that out and you get populists getting elected all over the world. Donald Trump didn’t get elected in a vacuum.