I would like to offer translations of parts of Niall Ferguson’s recent blog post.
In any case, our 2010 letter did not make a prediction about inflation. What we said was:
The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed’s objective of promoting employment.
Note that word “risk”. And note the absence of a date.
means “I’m not quite wrong yet!”
Now, when someone of that caliber calls you out for having been wrong about the future path of inflation, you have a right to remind him that one of his “many mistakes’ included … being wrong about the future path of inflation. Guess what? Predicting the future path of inflation is actually quite difficult, whether or not you have a Nobel Prize.
means “I won’t even say ‘Paul Krugman’ because it’s that political thing where I can delegitimize someone by refusing to refer to them by name and that makes me WIN!”
He’s approaching the Victor Davis Hanson Zone.