An earlier version of the related chart misstated the electricity-only range of the Toyota Prius. It is one mile, not 13. (A plug-in version, which is to go on sale next year, will have a 13-mile electric-only range.) The chart also referred imprecisely to the charging time of the Nissan Leaf. It is 8 hours with a 240-volt charger, and 21 hours with a 120-volt charger. Finally, the chart omitted the eligibility of two of the models for a tax credit; like the Chevrolet Volt, the Tesla Roadster and the Nissan Leaf are eligible for a $7,500 federal tax credit.
Am I forecasting that stagflation will reoccur? No, because the economy is too complex to make any such prediction—another Hayekian insight (see my fifth point below).  But it is clear that if one puts record amounts of money into the financial system (as the Fed has done to provide liquidity) while the federal government runs record-breaking deficits which promise to exist far into the future, the chances of any plausible exit strategy working become quite remote. As Clive Crook of the Financial Times put it in July 2009, “What the stimulus gives, the debt projections take away.”