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A long time between posts! I will put it down to having a new born. Many people are legitimately asking where are we in the economic cycle. It seems to me that we are now finally on the verge of increasing inflation and interest rates. Ben Bernanke's decision to continue quantitative easing at its current rate will begin to leak into the real economy with concomitant increases in inflation and interest rates. The link for this post is an article reflecting on the views of the Governor of the Reserve Bank of India, who clearly is not a fan of the fantasy economics which seem to dominate the thinking of leaders over the last generation.