jonathan: let's check in with roger bootle, chairman of capital economics. roger, if you wrote that book today, what with the title be? roger: i might attempt to call it "the rebirth of inflation." i probably would have adopted a different title. the title time, 1996i published it, the bundesbank was upset with me. i worried about inflation, just so you know. tom: roger bootle, we had jeff lacker where inflationistas got it wrong, and i talked about jackson hole and modern monetary theory. in the last years, have we simply moved our price dynamic over to a balance sheet dynamic, whether it is fiscal policy, or is it all debt that we see out there? roger: i don't think either of those things. what has happened is a combination of two things. first of all, we continue to have serious supply factors, which are bearing down on inflation, and those are things i and identified in the middle 1990's. they have been continuing. for a variety of reasons, we have had a relatively weak demand, and then countries like the u.s., think those two conditions are now changing