You can often tell that the truth about something has become uncomfortable for its proponents when they re-brand it with a subtle change of terminology. In the military field, “civilian deaths” morphed into “collateral damage” and “abortion” has become the eminently reasonable “Woman’s Right to Choose.” In the relatively recent past, we have seen that old villain “inflation”, which used to dominate the news headlines on a monthly basis in the 1960s and 70s, receive its long-overdue makeover.
Today nobody is much bothered about “Quantitative Easing” and many, outside of the financial services industry or the coterie of political junkies, could not easily explain its meaning, though when it is put in the simplest of terms most readily know they dislike it - which is why its true meaning is kept below the radar. Each month, the Governor of the Bank of England adds a few zeroes to the government balance sheet, the printing presses produce more banknotes and your cost of living rises.
Quietly stealing the value of our money is not entirely unpopular. It lets governments off the hook, so that the consequences of their economic policies are deferred. Likewise, the spendthrift, the speculator, and those with industrial muscle, who can ride the wave, keep ahead of the curve, but the latest analyses of the phenomenon has demonstrated that there is not, in fact, a single rate of inflation as we have commonly been led to believe.