that clip that they said we re nowhere near 15%, which is the all time high. actually if you take this month s inflation number and annualize it, just pretend j this month for the ret of the year that you get 14 percent inflation. and so the eight and a half that people are talking about that s backward looking, a whole big chunk ofut last year when there wasn t much inflation. but it s accelerating and the fed is way behind the curve. i talked today at hoover to my colleague michael bordo, one of the great monetary historiansfri is sort of the current version of milton friedman. and i said, you know, my lookfr at the dataie is that inflation doesn t start to go down unless interest rates are higher than t the inflationhe rate. and michael confirmed yes, that s his view of the literature tooooat that basically interest rates right now are you know, we re not going to get inflation under control win unless interet rates go up six , seven, eight percent and the fed is not going to act th