The Globe and Mail reports in its Tuesday, Dec. 12, edition that the scourge of inflation is vanishing from advanced economies, and with little of the economic carnage that was said to be necessary for restoring price stability. The Globe's Tim Shufelt writes that in Canada, Europe and the United States, inflation has plunged from peaks of 8 to 10 per cent, down to 3 per cent. The usual caveats apply. Some pockets of inflation are still too hot, such as services. Wages are rising too fast for the liking of some economists. There are also growing weaknesses in the Canadian and European economies keeping the threat of recession alive. Other readings, however, point to surprising resilience. Unemployment is not far off record lows. The Canadian economy has created 430,000 net new jobs so far this year. The U.S. economy, meanwhile, is bustling along close to full employment, with gross domestic product growing at an annualized pace of 5.2 per cent last quarter. Not exactly the hallmarks of a recession. Behold the immaculate disinflation. At least, that is what some people are calling it. Vanquishing runaway inflation without triggering a full-blown recession is a rare, if not unprecedented, feat.