Keynes understood the evil of inflation

With the expectation of a global economic slowdown, there is a renewed discussion about deflation. The ECB can ease because inflation is declining. More liquidity can be added to the market because commodity prices have declined. Central banks should allow for more inflation to help growth. Real rates are negative and inflation expectations in TIPS are falling. There is still little talk about the cost of inflation. This will prove to be a major economic mistake.

"By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

- John Maynard Keynes, Economic Consequences of Peace