Inflation at the rate we’ve seen in the past year is unsettling. Its effect is corrosive. I’ve gotten a sense of what it’s like when inflation gets out of control from a friend in Argentina. He wrote recently, “Living with an inflation rate of over 100% is like living in a circus 24 hours a day, 365 days a year. . . It becomes terrifying. It’s sleeping in anguish and living in anguish.” Argentina is far away from the U.S. Since it doesn’t lie in the direction of either China or Russia, it doesn’t get the attention it deserves.