Commentary There has been considerable discussion in the last couple of months about the rate of inflation in the United States, and polls now show that 85 percent of Americans are concerned about inflation. This is a demonstration once again of the wisdom of the average person. While the United States, and to a lesser extent the West generally, is being subjected to a variety of threats and disappointments, and there is a natural aversion to highlighting additional negative developments that could be looming, it would be comforting if we heard anything from the secretary of the treasury or the chairman of the Federal Reserve about the current apparition of a gigantic financial bubble over the United States. In the last year, the United States has had a money supply increase of 25 percent, an unprecedented event. What was originally billed as slight and self-correcting inflation increases are now gathering …