Don't Look Now, But It's Coming Back

摘要

It has been quite a while since we were confronted by the grim prospect of inflation. The 1970s seemed to be the last serious time. Ever since Paul Volcker raised interest rates up to stratospheric ranges more than 20% for loans we have not had to think about it at all. All that is changing-and it's not a good change. Like you, I have seen the struggles of the economy over the past three to four years. We have seen government intervention in the economy as never before and are experiencing deficits beyond belief. I don't want this to be misunderstood as some political statement; I am just stating the facts. There are doubts with Quantitative Easing (QE II) ending this month that the benefits intended were achieved.