Wondering why we suddenly have a sharp rise in inflation? Reason has released this very good short film explaining the situation.
But no worries, the usual suspects have the usual solution: price controls. Per the reliably left-wing Guardian, “We need a systematic consideration of strategic price controls as a tool in the broader policy response to the enormous macroeconomic challenges instead of pretending there is no alternative beyond wait-and-see or austerity.”
It’s one of the most accepted conclusions of standard micro-economics that price controls don’t stop inflation, instead resulting in shortages and business contraction. This site has a good collection of nine short films on the subject. This one, showing the experience of Venezuela with price controls, will give you a hint of what may be coming.
And what comes after that? Well, inflation is caused by excess expansion of the money supply, and the only way to ratchet it back is to walk it back, and then you get…recession. So, good times ahead, as Friedrich Hayek explains in this video.