At its best, inflation is a measure of optimism. You know when else it was high? In 1942, U.S. annual inflation was 10.2%. In 1946, it was 8.5%. In 1947, it was 14.4%. You know what those spikes represented? Sending our soldiers across the pond to save millions of people from a delusional little cokehead named Hitler, then buying the boys steaks and Chevrolets to celebrate (and also sending the white ones to college. Irony!). We spent the money, did the thing, then basked in the fruit of our labors. And it all seems to have pretty much worked out.

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