@naval In Australia tomorrow, 26 horses will run 2 miles for no apparent reason, and as a consequence, many people will dress up, have the day off work and wear funny little hats.
@DrCameronMurray Interesting point. Once again, with my limited understanding, I feel like the CPI was effective back then in dealing with asset bubbles, and today, we have massive asset inflation, yet low 'real' inflation. It feels like the CPI isn't doing its job.