There Are No Inflation Risks

I think more people need to make the point regularly (even Krgthulu!) that the lack of inflation risks isn't simply because we don't have any actual inflation, it's because if there's one thing the major central banks know how to do - and are biased in favor of doing - it's killing inflation. If we do wake up and discover that we've had sustained inflation at, say, the unimaginable level of 3% for several months, ushering in the Zombie Apocalypse, our great and glorious central banks will actually step on the brakes. Genuine inflation risk isn't about a few months of too high inflation (which we should have but that's another discussion), it's about "irresponsible" central banks that will keep stepping on the gas even as hyperinflation is destroying the world. But that isn't going to happen and no one with half a brain really believes it's going to happen. Are those who fret about inflation evil or stupid? I have no idea, but...