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The COVID-19 crisis might be causing mild disinflation in the private sector, but in public sector spending it is causing hyperinflation. The similarity between fatality rates in Sweden, UK, Spain and Italy, despite wildly different lockdown strategies, suggests the lockdowns may have had little or no impact on the spread of the disease. If so, will the COVID-19 lockdown policies fall into that special class of policy mega-mistakes, the consequences of which are too grave to acknowledge and therefore too big to discuss? 

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