Is everything in short supply these days? The short answer is probably yes. The real question is how long the supply shortages last. The last few months have been one of those “perfect storm” situations (forgive the tired phrase). There are three factors that have combined to create significant shortages in almost every category one can imagine. There are shortages of silicon chips and lumber and even Grape Nuts cereal. What gives? …

To be honest there are more reasons to worry about an inflation surge than there are reasons to dismiss the threat but it is important to note that it has been over twenty years since there has been any real inflation risk and there are still important factors that reduce the threat. …