Grapeshot

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Paul Krugman thinks he detects A Whiff of Stagflation in tomorrow's NYT.
Last week fears of a return to stagflation sent stock prices to a five-month low. What few seem to have noticed, however, is that a mild form of stagflation - rising inflation in an economy still well short of full employment - has already arrived.
Not good news and not unexpected. The real problem is that the idiots running the show have left us virtually no room to maneuver if anything goes wrong.

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