Was it inappropriate to give central banks an inflation target that looked only at consumer prices, not asset prices and were they wrong to believe that low global inflation was the result of their monetary management?
An acquaintance of mine has quipped that it is unbelievable that the tool for measuring something so important as inflation, should be a shopping basket!
It would be interesting to look at the CPI or RPI if they'd actually put house prices in with a weighting of something like 10%. I suspect that we'd be in a lot better shape.
And finally, it's pretty clear that low inflation was due to the arrival on the scene of about 2 billion people willing to work for not a lot. I suspect that history will tell a very different story from that which the major actors were telling themselves all the way through - though it's hard to imagine that some major players didn't understand what was going on,