Why You Should Worry about Inflation

Single-family home construction in Valley Center, Calif., June 3, 2021. (Mike Blake/Reuters)
Higher prices could be the least of our problems.

NRPLUS MEMBER ARTICLE I n the 1990s, Alan Greenspan dwelt somewhere between Olympus and Delphi — godlike in his power and prone to handing down cryptic pronouncements. Bob Woodward lionized him as the “Maestro” in a book that was published, unfortunately, right as the wheels were coming off, with Greenspan taking much of the blame for inflating the dumb-money dot-com bubble in the late 1990s and subsequently provoking the recession that began in March of 2001. The best and brightest had thought of Greenspan as something like Zeus moving around figurines in his little amphitheater in Clash of the Titans. Instead, he turned out

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