As the London newspaper article referenced below pointed out, inflation "shot up" largely because of oil and commodity prices. As far as I can tell interest rates will have very little effect, at least short term, on those. Commodity prices are due to weather and demand, oil is due to who knows what....

I personally feel the only way to really control inflation is to get our deficit under control. That is not going to be easy nor popular nor quick. Again, I believe we will choose a good dentist rather than a candyman.

This discussion is maybe a good sign that the sky does NOT have to fall to change to a more stable approach. I'd feel better if we were spending billions on early childhood education (better long term ROI) rather than throwing it down some of the other holes we do but hopefully we will have the good sense to change. I believe we will.

Jim