PETER SCHIFF: The Era of Low Inflation Is the Only Thing That’s Transitory. “You need tight monetary policy to deal with inflation. And even if the Fed becomes less loose, nobody is looking at tight money — especially the Fed.”

Killing off inflation requires the kind of political will displayed by Ronald Reagan and Paul Volcker in 1981-82 — the willingness to risk personal political disaster for the good of the country.

That kind of concern for the commonweal is nowhere to be found in this administration.