The same people who told you that a multitrillion-dollar cash infusion into the economy wouldn’t cause inflation and then said that inflation would prove transitory have now made another bold prediction. The worst inflation in more than 40 years, say the people paid to be routinely and offensively wrong about everything in the economy, is at its peak.

That’s a lovely thought — but a laughable one. The most obvious reason goes back to the source, namely that the Federal Reserve responded to an 8.5% year-over-year increase in consumer prices with an interest rate increase of a measly 25 basis points. Inflation is always a monetary phenomenon, and the Fed’s phony rate hike kept real interest rates in the negatives. That means the money supply, the source of the problem, remains dangerously unrestricted.