International Man: Inflation has recently hit its highest levels since the 1970s as governments worldwide are debasing their fiat currencies at breakneck speed. The cost of living is soaring, and it's likely to worsen.

In this environment, it is typical for opportunists in government to implement price controls as a misguided solution.

Do you think we'll see them soon?

Doug Casey: Government never controls itself. It only attempts to control its subjects. I expect the rest of this decade will resemble the 1970s as far as retail price rises are concerned, but it will be much more serious. As a result, the chances of wage and price controls are high.