There is a clear temptation for the West to extricate itself from the errors of the Greenspan asset bubble, the Brown credit bubble, and the EMU sovereign bubble by stealth default through inflation.

西方人有一种明显的倾向，希望通过通货膨胀造成的隐性违约，摆脱格林斯潘的资产泡沫、布朗信贷泡沫和欧洲货币联盟主权泡沫。

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Credit is expanding rapidly, there are signs of asset bubbles everywhere, and consumer price inflation is threatening to hurt ordinary people.

信贷正快速扩张，到处都有资产泡沫的迹象，而消费价格通胀有可能影响普通百姓的生活。

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The macroeconomic models used by many central Banks focus on short-term influences on inflation; they focus less on the supply of money and credit.

许多央行采用的宏观经济模型专注于通货膨胀的短期影响，而对货币及信用的供给较少关注。

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Nonetheless, Beijing is responding with tough anti-inflation rhetoric and normalization of credit and liquidity flows back to pre-stimulus levels.

FORBES: China's Banks Tighten Credit

The child element of child tax credit and the disability elements of tax credit will be uprated in line with inflation, but other tax credit increases will be restricted.

BBC: Osborne confirms pay and jobs pain as growth slows

On the downside, there is a risk that a sharp slowdown in the economy, associated with weak real income growth and the tightening in the supply of credit, pulls inflation materially below the target.

BBC: Central banks' official statements