Remember how disruptive inflation was during the 1970s? Remember wage and price controls, and how they disrupted the economy? Take a look at this graph from the St Louis Federal Reserve Bank. Compare the 1970s to the last two years.
Do you have your life savings in your savings account? Have a pension which isn't indexed for inflation? Best brush up on your recipes for dandelion salad.
Thanks, Washington.
This graph has a linear Y-axis and is highly misleading. Y is money, so you have to use a logarithmic scale.
ReplyDeleteYou are welcome to take that up with the St Louis Federal Reserve Bank!
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