For even the most sycophantic supporters of the current White House, the writing has been on the wall about our mounting inflation crisis for months. But less tribal-minded liberals such as Larry Summers saw this coming before Joe Biden recklessly infused the economy with $1.9 trillion in extra spending at the beginning of his presidency.

But for those who understand, contrary to the decadelong consensus of progressives that inflation is a monetary phenomenon, it’s been years.