In “The Sun Also Rises,” Ernest Hemingway wrote: “How did you go bankrupt?” “Two ways. Gradually, then suddenly.” The late MIT economist Rudi Dornbusch said something similar about economic crises. He wrote that a financial crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.
To paraphrase Jerry Seinfeld’s would-be paramour, “Inflation is real….and it is spectacular.” Spectacularly bad, says economist Stephen Moore, noting the annual inflation rate in the U.S. surged to 6.2 percent in October, the highest since November 1990. And the reason is simple, Moore says. “There are too many dollars chasing too few goods.” Democrats who just