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It is time to talk about the real danger facing the world economy

Why are people worrying about inflation with another Great Depression looming?

| Japan
Bank of Japan Gov. Haruhiko Kuroda, pictured in January 2016: putting the central bank in the driver's seat and avoiding fiscal measures is why Japan is grappling with deflationary currents.   © Reuters

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Of all the policy zombies that refuse to die, the belief that central banks inevitably risk inflation with ultralow rates deserves the prize for persistence.

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