The last time inflation was this high was November of 1981. I was 3 months old at the time. There are some similarities between now and then. There was an energy crisis back then just like there is today. The Fed was tightening monetary policy to fight inflation in the early-1980s as well. And people were increasingly unhappy about the economic state of affairs. But there are many differences between now and the early-1980s/late-1970s. Interest rates have risen from the floor but still remain well below the inflation rate: {chart} Back then interest rates were far above the rate of inflation: {chart} Although rates ... (full story)