Commentary Last week, we gave a fair hearing to the arguments made by people who believe that the current high inflation rate is transitory and that we’ll be back to some version of “normal” by the end of the year.  This week, we’re going to explore what happens when conditions become worse than anyone expects. I’m writing this while traveling from Arequipa, Peru to Cusco, Peru.  For me, one of the best parts of traveling is the serendipitous interactions I have with fellow travelers.  Earlier this week, I was fortunate enough to have dinner with a doctor from Buenos Aires, Argentina.  Iván Paz is working in Arequipa right now, and when I asked him how long he planned on staying, he told me that he was never going to live in Buenos Aires or his native Argentina again. I visited Buenos Aires years ago, and like many, found it completely charming.  It has the beautiful architecture, cosmopolitan services, …