America’s inflation hawks are always prone to crying wolf. Since they spent the post-2008 years forecasting hyperinflation that never arrived, it was no surprise that so few people sat up when they issued the same warnings last year. Now the hawks are right but for the wrong reasons. The recent US inflation surge has little to do with the Federal Reserve’s easy money, as they claimed. Democrats should nevertheless resist letting their ingrained scepticism cloud their sense of self-preservation. Sustained inflation could ruin their chances of holding on to power.
美國的通貨膨脹鷹派總愛喊「狼來了」。他們在2008年金融危機後一直預言惡性通膨要來了，但惡性通膨始終沒來，所以當他們去年又說這話時沒什麼人在意，這也沒什麼可驚訝的。現在這些鷹派說對了，但他們是誤打誤撞說對的。最近美國通膨激增與他們所說的美聯準(Fed)的寬鬆貨幣政策沒多少關係。儘管如此，民主黨人不應讓他們根深蒂固的懷疑主義矇蔽他們的自保意識。持續的通膨可能毀掉他們繼續掌權的機會。