Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.

You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation.

Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.

When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.

But where will the Fed find another bubble?

Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.

Most work in macroeconomics in the past 30 years has been useless at best and harmful at worst.