Watching today’s press conference with Fed chief Jerome Powell reminded me of something Milton Friedman said in 1978:
“Nearly a dozen years ago, I warned of an inflationary recession (Newsweek, Oct. 17, 1966). We have since then had three inflationary recessions and a fourth is almost surely on the way. During the first, the brief mini-recession of 1967, consumer prices rose 2.4 per cent per year; during the longer and more severe recession from December 1969 to November 1970, prices rose 5.3 per cent per year; during the still longer and even more severe recession from November 1973 to March 1975, prices rose 10.8 per cent per year; during the coming recession, prices are likely to rise at least 7 per cent per year.
Each scenario has been the same: rapid growth in the quantity of money followed by economic expansion and then, much later, by rising inflation; a…
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Utopia, you are standing in it! 
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