The Biden administration keeps saying the inflation is transitory but most economists are now saying it is not. Young and middle-aged people have no clue as to what this means. They didn’t live through the Carter era or, if they did, they were too young to realize how awful it was for so many people. In a recent op-ed in the Financial Times, El-Erian, who is one of the most widely followed economists, said central banks and markets need to “widen their perspective” to avoid significant damage to the economic and financial system. El-Erian wrote, “It is not often that I take a very strong view that runs directly counter to the market consensus.”