Can you have a silver lining without a dark cloud?

"The US dollar gained its highest in a year on Wednesday against sterling and the euro on Thursday, while the yen was smarting from its sharpest drubbing in a month as the highest US inflation since 1990 fanned bets on rate hikes," CNBC. "The US data showed price rises extending into rents, which could drive pressure on wages, both lengthening and broadening the pandemic's inflationary pulse." "America's cost of living is rising faster than it has for three decades, with food and fuel driving the increases. The consumer prices index for October showed prices rose 6.2% over the last twelve months," BBC. Prices rose 5.4% in September. "Almost every sector saw some price inflation, except for airfares and alcoholic beverages." In India, on 1 November, "oil companies increased ATF (air turbine fuel) prices 13.9% over that in October to Rs 82,638 per kilolitre in Delhi. With this increase, jet fuel prices are about 95.8% higher than in November 2020," ET. Yet, according to Jet-A1-Fuel.com the price of ATF in India is $0.504/liter, while in the US it is $0.608/liter today. In the US, "Much of it is the flipside of very good news," TOI. "Economic output plunged at a record shattering 31% annual rate in last year's April-June quarter." "Yet instead of sinking into a prolonged downturn, the economy staged an unexpectedly rousing recovery, fueled by massive government spending and a bevy of emergency moves by the Fed," "Suddenly, businesses had to scramble to meet demand." "Costs rose. And companies found that they could pass along those higher costs in the form of higher prices to consumers, many of whom had managed to sock away a ton of savings during the pandemic." "President Biden will sign the $1.2 trillion infrastructure bill into law during a ceremony at the White House on Monday while Democrats try to muster enough votes to get another social spending bill to his desk," Fox News. He is committing "econo-cide", according to Kevin Hassett. "You know, he's got a demand stimulus that's as big as we've ever seen and then he is whacking the heck out of supply. You know, he's regulating firms, promising big tax hikes -- you know, we have the highest marginal tax rate in the whole developed world if they pass those tax hikes, and all of that is basically creating all this cash chasing supply but supply is going down so you see inflation." Hassett thinks stagflation will be worse than in the 1970s. "Spiking oil prices, rising unemployment and loose monetary policy pushed the core consumer price index up to a high of 13.5% in 1980, prompting the Fed to raise interest rates to nearly 20% that year," Reuters. Inflation will return to about 2% level as supplies ease, and the Federal Reserve will not let it rise to 1970s level, assured Treasury Secretary Janet Yellen, Fox News. The Fed has been buying US Treasuries and mortgage backed securities (MBS) until its balance sheet has ballooned to $8.57 trillion, wrote Vivek Kaul. It is now going to reduce its bond buying by $15 billion per month before it starts to reduce its balance sheet. "Prices of stocks, commodities, real estate and cryptocurrencies will all fall. So too will unicorn valuations." What has all this got to do with India? Lower commodity prices will be good, but a stronger dollar and falling share prices could cause the rupee to fall. Every cloud, they say, has a silver lining. But, does silver lining need a dark cloud?