In the wake of yesterday's inflation report, I'd like to acknowledge the piece by Dean Baker of the Preamble Center that immediately followed the previous report, available on their web site. (www.preamble.org) It may be recalled that there was a hubub over last month's report of an inflation spike, including some cackling by locals on the "crisis-of-capitalism" watch. Brother Baker reported at the time that the spike was solely due to oil, was not likely to be repeated, would not spread to other sectors, and could not in any case be curbed by U.S. monetary policy (except at the cost of job loss). mbs
