"It's not the extremes of the 1970s". Now there is an understatement. The stagflation of the 1970s and early 1980s included inflation running over 14% at its peak.
Anyway, times are a bit different. There are elements of both inflation and deflation in the world economy. China and India export deflation worldwide with reduced wages and the Chinese export cheap goods. Then there are the various inflationary asset bubbles.
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