CS Lewis on the Non-Threat of Inflation

by David Frum

Richmond Federal Reserve President Jeffrey Lacker is poised to snuff out inflation with higher interest rates, according to the WSJ:

Ratehikes aren't imminent, but they are getting closer, the official said. "I havebeen saying that I am waiting for the time when growth is strong enough andwell enough established that it will be clear we need higher rates," Lackersaid. "I don't think we are there yet," although he also said "we are gettingto a time period where it's going to be a...