There is a magical mystery myth prevailing in our great United States of America. That myth says that once inflation starts, it cannot be stopped except by gunfire or some other draconian means. This is haunting the nation even as the inflation that started about a year ago gathers momentum and scares us all to death.
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But it is a myth. There have been many instances when, even in wartime, the government and the people of the USA have been able to stop inflation without the “whiff of grapeshot” that Napoleon Bonaparte threatened France with when he became First Consul in late 1799. In Napoleonic France, there was no such thing as AI to put a holster on prices. But now, with the Super Power of AI, the nation can decree price and wage stability and can make it work.
Maybe it’s time to use that super power. Let’s take an inventory of wages and prices and order that they be stopped where they are, with mild penalties now and more serious penalties in the future. Even without AI, the U.S. kept rising prices at bay after Pearl Harbor.
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Let’s get to work. Let’s use the magic of AI to stabilize prices, then to stimulate demand, and then to make America Pretty Damned Good Again.
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