7/5 Inflation lessons

INFLATION HAS BEEN HERE BEFORE… IN THE LATE 1970S WHEN SOME OF US WERE MUCH YOUNGER… OR.. WEREN’T BORN YET… PRESIDENT JIMMY CARTER CONVENED HIS TOP ECONOMIC ADVISERS FOR WEEKLY LUNCH MEETINGS IN WHICH THEY TENDED TO OFFER OVERLY OPTIMISTIC FORECASTS OF HOW HIGH PRICES WOULD RISE. BUT THOSE CONSEQUENCES OF RISING PRICES COULD NOT BE ESCAPED.. WITH BOB’S WORLD.. I’M BOB WELCH…  PEELING BACK THE PAGES OF THE CALENDAR TO THE 1970S AND FORMER TREASURY SECRETARY W MICHAEL BLUEMNTHAL.. IN A MINUTE.