The patients of Bedlam Hospital emerged once more to proclaim “See no inflation, hear no inflation, speak no inflation.”

Yes, the Fed, specifically its Federal Open Market Committee, tells us that if there is inflation it is transitory and that if it exists the perperator is not the FOMC.

But centuries of monetary history tell us that paper currencies, “fiats,” any currency with nothing behind it except our mistaken belief that not too much will be printed, all such currencies will be ravaged by inflation.  And yes we know that the perp, though adept at blaming undeniable spikes and indices on this “miscreant” or that “misfortune” (like rising employment and booming economic activity), yes we know that the perp is the one with the printing press, in our case the Fed.

While never admitting culpability, the Fed will eventually see, hear and speak inflation.  And your compensation will go up, prices will go up faster and you might contemplate adding a year or two to your retiremenat plan.