The most feared, most powerful person on the planet is feared by politicians and central bankers alike. She’s not a billionaire, she’s not a celebrity. She’s a retiree. Baby boomer. And also part of the (still) richest generation and the (still) most powerful voting block. And you know what she REALLY doesn’t like? Nominal losses. Everything else is more or less bearable, but nominal losses on income and assets are unacceptable to her. She is the reason why central bankers are engaging in unbelievable gymnastics to conjure up inflation instead of letting bad public and private debts go into default and bad investments go bankrupt. It’s the only way to avoid nominal losses on pension investments and assets.