http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article6244451.ece Pretty good summary of why the CPI was a rubbish indicator of inflation and why it ignored the dangerous bubble growing in debt and housing. They picked the statistics that fitted the story they wanted to sell. Also talks about how the banks worked their way around the Basel financial accords in order to dig themselves into a hole. Its all so clear looking back obviously. Trouble is the aim of many people seems to be to 'recover' back to the good old days of house bubbles and debt mountains. Green shoots of recovery? Weeds.