An absolutely wonderful article by Andie Xie of Morgan Stanley which very nicely describes the delinking of inflation from monetary stimulus. A must read in gaining understanding of the missteps of the 90's. Essentially, he is saying that central bankers throughout the world created excess money supply, because the classic measures of inflation were not rising. This was probably due to IT enabled productivity gains as well as the global labor arbitrage. However, rampant inflation was there all the time. It just happened to be in the asset economy, and this is the connumdrum the world finds itself in. How to reign in the excess liquidity without destroying the whole world order.