These sorts of mistakes have consequences.
I notice that the minister, to defend her faulty prediction of deflation, sais she was just relying on Larry Summers. Actually, Larry Summers made the same prediction I did, which was that deficit spending would lead to this inflation. I'll quote him. He said:
First, while there are enormous uncertainties, there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation....
If she had even listened to a Liberal economist, who has been predicting that there would be inflation as a direct result of government spending and central bank money creation, then she would not have gotten us in the mess that she has created today.
Would she agree with Larry Summers—whom she just quoted—that, in fact, deficit spending is contributing to inflation here and in the United States, and in other places where governments have behaved similarly irresponsibly?