1979 when we had 14 inflation. So thats my tame on it. Amity, please. I would be a little more cautious than steve there and say maybe our problems are monetary, because the prices dont seem to accord with what the government is saying. So, if a certain price is way much higher, and we were told nonetheless we have no inflation, thats confusing. We need another data set. We need another philosophy. In the olden days, your family banks would not have spoken of inflation, they would have spoken of credit or credit tightening. Thats the lexicon of classical economics. Maybe that lexicon works a little better to explain the spongy, bubbly feel of the economy right now. Most of us believe that Federal Reserve policy has a lot to do with the stock market increase, that maybe the companies arent all doing that much better. That its just our next bubble, which means our next pop, our next trouble. And the way out of that is stability in money, even pegging money to something, and we shouldnt b
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