What central banks are really up to

If not for high debt levels, central banks probably wouldn't be fighting the Digital Revolution's downward pressure on prices. They'd see 'stable prices' as moderate deflation, not inflation.

It is a great irony of the modern world that central banks are forced to battle the destructive effects of higher productivity.

If that statement seems ridiculous, bear with me. 

Central banks everywhere are currently engaged in a desperate war against deflation, with zero interest rates and money printing. 

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