Alan Reynolds argues that we aren’t in anything close to the stagflationary environment of the late 1970s and early 1980s. Fair enough: But are the people who are arguing that we are really worth taking on? The more serious argument is that we’re in a situation akin to that of the mid- to late-1960s, where inflation is beginning to take off, and that the Fed needs to make a course correction so that we don’t end up in the late ’70s.