The Fed and other central banks are entering into a huge money-printing experiment in hopes of keeping the government-spending machine going at full speed forever. The unintended consequences will be highly destructive.
In theory, it is possible to adjust inflation measures to account for the many constant changes in prices resulting from changing demand, quality, and innovations. But it's essentially impossible to execute these adjustments accurately.
It seems that if you're mildly against the drug war and sky-high taxes, you're a "libertarian" to many left-wing commentators—even if you also support programs like "universal basic income" and renewable energy boondoggles.
Lord Kelvin once said, “If you cannot measure it, then it is not science” and “your theory is apt to be based more upon imagination than upon knowledge.” This would certainly seem to apply to the many COVID-19 models now used to destroy human rights across the globe.
Prices determined in the marketplace are absolutely essential to a functioning economic system. This is no less true if today's property was redistributed unjustly in the past. Market prices today are the path to recovery.
Thanks to past interventions, the economy is now rife with malinvestments and prices that don't reflect real demand. The solution is to allow deflation and other types of painful readjustment. Otherwise true growth will elude us.