Is everyone pretending to understand inflation (or just me)?

1921.246 - 1939.889 Mark Blyth

That's the labor market story we spoke about before. This is Larry Summers. You might remember, he said, we need to have 7% unemployment for two years to cure the inflation, this sort of stuff. And what he's thinking is, OK, this is maybe started by too much government money. But the problem is, you've got a really tight labor market. And people are going to start to expect price increases.