STATE OF BUSINESS: How High the Sky?

Once upon a time an acorn landed on a hen named Chicken Little, who ran to tell Ducky-Lucky that the sky was falling. Ducky-Lucky told Goosey-Loosey, and in a little while all the creatures of the nursery story's barnyard, without bothering to look up, decided that the sky was indeed falling.

Last week the Chicken Little economists were running about the U.S. shouting cries of alarm. "Catastrophic inflation" is coming, they said, and quickly. To be sure, they had felt more than the ping of a single acorn. Since the start of the...

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