I see that Larry Summers has caught up to the state of the art in galaxy-brain thinking:

The brief stagflation of the ’70s produced a hysteria out of all proportion to its oil-fueled origins. The real lesson of that era is that central banks can crush inflation whenever they want. It’s not easy or painless, but it can be done. Conversely, the lesson of the present era is that producing inflation out of thin air is hard. This means that inflation is an asymmetric threat: we know what to do about high inflation but we don’t know what to do about low inflation. This in turn means we should be less worried about inflation than we are.

But as in so many other areas, the ghost of the ’70s lingers even half a century later. It’s a decade that deserves far more attention than it gets. It is the fountainhead of so much that’s gone wrong with the world since, and we’re still nowhere near over it.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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