LEADER of the Opposition in the Senate, Kamil Ali Agha, scored one high on the chutzpah scale on Friday when he suggested that the price hike record would be sent to the Guinness Book of World Records. This, from the representative of a government that gave us the said inflation in the first place. Looks like somebody has been partaking of some Guinness himself. This simplistic "on your watch" populism might, in a couple of months or so, even start getting a sympathetic ear from many of the families affected by the rampant inflation. So, lest candid posterity forget, a chronology of sorts, that led to the current sustained price hike: faced with a terrible stagflationary condition, the military regime, after two years in power, decided to spice things up on the growth front. As every economics student knows, you can't have growth without inflation. But soon the inflation started outstripping the growth the economy had registered. Plus, the growth was in non-productive sectors; the import-fuelled growth didn't do all too much to increase the productive capacity of the economy. That was the neoclassical analysis. On the monetary front, the government had asked the State Bank of Pakistan not to skimp it as far as money supply was concerned. Credit abounded and there was excessive liquidity in the market. Too much money chasing too little products. Sure, add to this certain exogenous factors like the skyrocketing prices of oil and the global food crisis. But how were these moderated? Oil prices in the country weren't just rising as a direct consequence of rising international prices but as a means to bridge the budget deficit, taxes on oil being one of the greatest sources of revenue for the government. As for food, global food indices are indeed rising, but rampant hoarding and mismanagement of food exports caused the larger chunk of our food inflation. This government cannot keep hiding behind the failures of the last forever. But it is safe to say that forever, as it were, has not begun yet. The predecessors need to be taken to task, not the other way around.