Great comment Tim, but every time we face stagflation, we throw out the Phillips Curve. At present we could use some disinflation, especially in captive commodities such as housing. The problem of our bifurcated economy still looms large. see: https://medium.com/@daneke/breaking-the-birfurcated-economy-financiers-and-the-crisis-of-public-imagination-fee35d84cc43