"So, a hedge fund manager, a right-wing politician, and a freshwater economist walk into a restaurant and order wine. No, this isn't the setup for a joke — it's a real story. We don't actually know what they talked about, but all three have been prominent in warning that the Fed is embarked on a dangerously inflationary path. And as I have written many many times, this inflation paranoia has proved remarkably resilient, enduring despite five-plus years of utter empirical failure. Why?"