Then there is the biggest excuse of all: AI. In the 1990s, Fed chair Alan Greenspan defended his embrace of easy money by saying the internet would raise productivity and contain inflation. Now, some of his successors — including Warsh — see similar potential in AI, and they may well be right in the long run. For now, however, the impact is inflationary, as the billions Big Tech firms are spending on it push up prices for electricity, compute, semiconductors, and much else.