Go Easy on the Brakes

SPENCER PLATT / GETTY IMAGES

GETTING NERVY: Traders at New York City's Mercantile Exchange

In but a few days, global investors have lurched from the happy hope that virtually every asset could continue going up at once, to the wrenching fear that inflation is about to surge. Markets have a memory, and certainly the trauma that inflation created for investors in the 1970s is still close to the surface. Is the surging price of gold and oil telling us that we are headed back to those days? Will inflation once again ravage the markets?

One must always remain vigilant. Markets, indeed entire economies, can turn in what appears to be an instant....

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