Why do I feel that I have seen this movie before? I would like to think that learning is cumulative. But I'm beginning to think that every generation or two, people need to learn all over again the lessons that have unaccountably been forgotten or tossed aside. The elderly among us can see this, even as young people are inclined to insist that they are experiencing things never before experienced by humans and that this time will be different. Let's take it issue by issue: INFLATION The consumer price index for June rose on an annual basis before seasonal adjustment by 5.4%. That's higher than May, which suggests that inflation is accelerating. And it's far above the 2% annual rate, which is the professed goal of the Federal Reserve. Treasury Secretary and former Fed Chair Janet Yellen insisted that the jumps in prices are just temporary adjustments to the COVID-19 economy, although she's extended the period for adjustments. Current Fed Chairman Jerome Powell said he's not worried and will keep interest rates low.