In their view, a recession will "balance everything out." For most of these people I would suggest that they keep their crystal balls in their pants; they have been consistently wrong and it's time for them to shut up. If you were predicting that inflation would be "transitory" last year, then you have no right to act like you are an economist today.

It's going to take a lot more than one semi-aggressive rate hike from the central bank to stop the inflation problem, and when I say "inflation" I am talking about PRICE INFLATION, not the mere increase of the money supply or a bubble in stock markets. There are far too many financial analysts out there that don't even grasp what true inflation really entails.