They say history doesn't necessarily repeat, but it often rhymes.
With that in mind, Midweek Memo host Mike Maharrey looks back at the inflationary era of the 1960s and 1970s and finds some interesting parallels to today.
Inflation didn't rise in a straight line back then. It came in three distinct waves. We've seen one wave in the currency inflationary cycle, and it appears we're setting up for a second. And there are other similarities between then and now - including the trajectory of interest rate policy and government spending.
Mike also reveals just how badly this price inflation is impacting the American consumer, who is broke, stressed, and buried in debt.