Unfortunately for them, it doesn't work with inflation. Inflation is just too obvious to deny. Everybody knows when inflation hits, when the prices go up, because everybody goes shopping. So when you get inflation, you're stuck with it. Our leaders know this, obviously, so their first move when we got inflation was to reassure us there was nothing to worry about because actually inflation is a good thing. We've been longing for inflation, and thank God we finally got it. “American needs higher, longer-lasting inflation,” declared Bloomberg News.
Well, when that didn't work, as it was never going to, because apart from big institutional debt holders, no one in the world actually wants inflation. When that failed, they tried a new tactic. “Yes, inflation is not ideal,” they admitted. “but it's like fog in the morning. It's inconvenient, but it's temporary. It burns off and won't last long.” The word they used to describe this was “transitory,” and they used that word a lot. Watch.