As identified in this blog 2 years ago*, Stagflation is something to be concerned about. Now, The Economist is reporting on it - and for good reason: "This suggests that the economic malaise will stretch well into next year, and maybe into 2010. ... If there was one lesson that policymakers learned in the 1970s, it is that there is no easy cure for stagflation. After the nice years, a hard slog lies ahead."
Point? The decisions we make now need to be fact-based, long-term oriented, instead of driven by election cycle politics - what seems (almost) "fanciful", now.
* And in a research report, in 2005 (page 8), item #2 "Make a Decision".