“The single most important and pressing economic issue for the next few years will be inflation. Not the epidemic, not climate, not even growth but simply the accelerating rise in prices that was put into place by a succession of highly irresponsible and ignorant central bankers and blessed by irresponsible, trigger happy administration officials. Having been allowed to take root, inflation will destroy incomes and savings and decapitalize the wealth-producing sectors of the economy. Eventually, inflation will force the hand of normally timid central bankers to raise interest rates well above the rate of inflation. As the economy comes next to a screeching and painful halt, we should take to heart that the severity of the depression will be directly proportional to the debauchery that preceded it and to the unforgivable delay in taking proper measures.”

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