I remember the little stickers on restaurant menus.In the 1970s, it cost much more to print a menu than it does today. Restaurants did not change them often. When prices rose, they’d retain their old menu—but affix little stickers with the new, handwritten prices atop the previous ones. When prices rose especially rapidly, the stickers accumulated in stubby columns rising up from the menu. A bored child might scratch off all the stickers with a fingernail—and, like a young archaeologist, reveal a lost world.The term that came into use to describe the era was stagflation: stagnation plus inflation. Until recently, it seemed a relic of the disco era, but the economic chaos of Donald Trump’s second presidency has resurfaced the old word. Stock markets are warning of a recession. Bond markets are anticipating inflation. Perhaps one market is wrong, or the other, or both. More likely, they portend the return… ...[TheTopNews] Read More.
2 days ago
