Double-digit price inflation is here. Anyone paying attention to fiscal and monetary policy knew this would happen sooner or later. The Federal Reserve’s recent 0.75 basis points hike in the federal funds’ interest rate won’t be enough to stem an inflationary avalanche that reckless politicians with zero knowledge of history and of other countries’ experiences have been setting in motion for years.

For part of the 20th century, John Maynard Keynes and Milton Friedman constituted opposing paradigms of economic policy. For Keynes government spending was crucial to stimulate demand for goods and services in slack times; monetary policy as a stimulating agent had limitations. Friedman, meanwhile, was critical of government spending, but favored monetary policy: in times of recession, monetary stimulus was necessary lest the slump becomes a depression.

The irony of the last 14 years, that is, since the financial crisis of 2008, is that governments everywhere resorted simultaneously to Keynesian and Friedmanian policies: massive government spending and the “printing” of money to prevent a depression.