We must not confuse nor conflate cyclical and structural issues, especially when thinking about policy implications. A lot of today’s pain in manufacturing and in the overall economy is cyclical - a consequence of inadequate demand, not of a shift of jobs to other countries.
1/2  BIS central bankers' speeches  So, when some among us demand that we must open the sluicegates of inflation what they are demanding is that we must erode public trust and confidence in the currency. As the history of money globally show, when inflation walks through the door, public trust in the currency jumps out of the window.