Lockdowns and Mandates Are Fueling Stagflation | Opinion

Lockdowns and Mandates Are Fueling Stagflation | Opinion

Inflation is upon us. Growth expectations are falling. Markets are worried about Federal Reserve interest rate hikes.

Depending on your vintage, you have probably seen this a few times before. It happens once a decade or so when the economy starts running overly hot, economists tug their chins with concern about inflation. Eventually the Fed hikes and we get a recession. Then we all tug our chins about what to do about the recession.

But this time feels different. Typically, when the business cycle runs hot there is no shortage of inflationistas who come bearing gifts. Some sell gold; others warn of the Fed's control over the money supply. Late cycle is when the inflationista thrives–often engaging in hyperbole about the actual dangers.