Some would argue that its biggest effects were to help asset values rise, and to increase risk in the banking system, without doing all that much for growth and certainly not much for the sustainability of growth in major countries.
Headline inflation has climbed to 9.1 per cent in July 2008, while the year-onyear inflation, has crossed into double digits to stand at 11.5 per cent at the end of July 2008. How I wish I had been wrong when I forecast precisely this kind of outcome two months ago!