Christopher Lingle says in the Korea Times “there is the elephant in the room that nobody wants to notice: rising price inflation. But myth making about this being a redux of the Great Depression induces the Federal Reserve to orient monetary policy toward warding off deflation.
But this is not your grandfather's recession. It is more like the one conjured up by Jimmy Carter. In a single term of office, President Carter oversaw double-digit inflation, double-digit unemployment, double-digit interest rates, shrinking incomes and increasing poverty. ”