Don’t worry about inflation

Financial history doesn’t repeat itself, but it tends to rhyme.

In 2008, the kinds of excessive risk-taking and speculation on Wall Street that had sparked the Great Depression in 1929 contributed to another massive global downturn.

Now some economists are voicing concern that 2021 could see a rerun of another economic calamity: the Great Inflation of the 1970s.

For those of us not alive then and who have never lived through a period of debilitating inflation, the fears voiced by baby boomer economists like Larry Summers and Olivier Blanchard that massive price increases could...