Remember the Misery Index?
I am not sure Jon Hilsenrath of the WSJ does: “It’s hard to get inflation when unemployment is so high.”
Just go back to the 1970s, my friend. How about 1975 when we had roughly 9 percent inflation and 9 percent inflation and 8.5 percent unemployment? There’s your Misery Index. Actually, the rest of the article is quite good, focusing on how banks are buying treasuries rather than lending.