The dollar is the global currency (at least for now). When it falls in value the nominal price of commodities zooms up, with the poor being hurt disproportionately. When prices go up, people figure they better start storing foods and precious metals. Such hoarding worsens the situation.

　　The inflation-racked 1970s saw one commodity shortage after another. Johnny Carson, then king of late-night TV, jocularly warned of an impending shortage in toilet paper. The next morning millions of people cleared store and supermarket shelves of the stuff all around the country.

　　Given the baleful political and economic consequences of this inflation, aren't you astonished that the Administration and the Fed haven't taken an active role in shoring up our enfeebled greenback.