Inflation Is a Weapon of Destruction

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News Analysis

Just how bad can inflation get in the United States? Don’t trust the experts at the top to tell you.

The Biden administration assured us that rising prices were transitory. If you listened carefully to their words back then, and knew something about economics, you could know it wasn’t true. They claimed that the price increases were a sign of recovery from covid disruptions. Then they deflected blame to oil companies, food processors, shipping companies, and Putin, everyone but Congress and the central bank.

Now, they are saying not to worry: the Fed has it all figured out and will fix the problem through some mysterious mechanism of control that it simply does not have. It can restrain system-wide liquidity now but it cannot undo the damage of the last two years.

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