Where’s the Inflation?

I see that Larry Summers has caught up to the state of the art in galaxy-brain thinking:

The brief stagflation of the ’70s produced a hysteria out of all proportion to its oil-fueled origins. The real lesson of that era is that central banks can crush inflation whenever they want. It’s not easy or painless, but it can be done. Conversely, the lesson of the present era is that producing inflation out of thin air is hard. This means that inflation is an asymmetric threat: we know what to do about high inflation but we don’t know what to do about low inflation. This in turn means we should be less worried about inflation than we are.

But as in so many other areas, the ghost of the ’70s lingers even half a century later. It’s a decade that deserves far more attention than it gets. It is the fountainhead of so much that’s gone wrong with the world since, and we’re still nowhere near over it.

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THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

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