I’ve worried before about the similarities between the present and the 1970s. Allan Meltzer sees the parallels, and worries that the Federal Reserve is duplicating the errors of the 1970s that led to stagflation. He foresees significant inflation, as do I. Rich Karlgaard prescribes the cure—slowing the growth of the money supply, restoring strength to the dollar, and cutting taxes—that worked to cure us back in the early 1980s. It’s an excellent prescription, but is anybody listening? Obama and Clinton offer the opposite prescription, and McCain, while saying some of the right things, seems not to understand their importance.