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!

Remember the 1970s? “It was the decade of strikes, electricity shortages and piles of rotting rubbish on the street,” recalls a BBC report. Your editor is old enough to remember homework by candlelight, the three-day week and grim-faced militant union leaders such as Arthur Scargill barking pay demands every night on the TV news.