Published August 2005

By Miles Free

I was talking the other day with the chief executive of a shop when he made the following comment, “We have record-breaking sales, yet we’re barely breaking even. We ran the numbers, and on almost every line item, our costs are up a tenth of a percent or so. That doesn’t sound like much, but at the end of our study, those one-tenths added up to almost 7 percent. The Fed and Greenspan missed it. Inflation is alive and well. I can show it to you in my books.”