Financial journalists, most of whom spend more time writing about derivatives than carburetors, have been scathing about the possibility of an auto industry bailout, even though they’ve happily accepted multiple bailouts for the financial sector.

What has really changed?…importing inflation…hoping to prove Friedman wrong…Can the U.S. central bank really begin fighting inflation in a serious way? Ah, dear reader – there’s a cruel twist to this story…The cure for high prices is high prices…and so the global economy lurches forward…and more!