It's back. That old nemesis and destroyer of wealth -- inflation -- has returned. Prices on many goods and services have shot up, led by the assault at the gas pump. This dreaded inflation is causing business and political leaders to have many sleepless nights and if it's not stopped in its tracks, it could have huge negative consequences for the world economy. But in fact, there's a simple solution.

A brilliant remedy to inflation was introduced once before -- back in 1974 -- and quite possibly was the key to the low inflation we have experienced during the last 20 years or so. Yes, this silver bullet is the WIN button. Whip Inflation Now.

It was Oct. 8, 1974, and then-president Gerald Ford gave a televised address to Congress and the American people on inflation, which he called "Public Enemy No. 1."

I was among the millions who watched that night as Mr. Ford outlined a 10-point program to defeat inflation, which then was running almost 15 percent annually.

He proposed a number of seemingly well-thought-out but complex countermeasures, such as removing acreage limitations for farmers, giving new powers to the Council on Wage and Price Stability, making changes to capital gains taxes and trade policy, blah, blah, blah. I remember my eye lids growing heavy by about point five.

But he saved the best idea for last. He called for a "new mobilization" of all Americans to unite in our efforts against this villain called inflation, and at that, he held up a button that said "WIN" and explained that it meant "Whip Inflation Now." Then he pinned the WIN button on his lapel and ended his speech by asking all of us if we would "enlist" to help whip inflation .

And I think the rest is history. Oh sure, some smarty-pants Negative Nellies out there will contend that what ultimately reduced inflation was a combination of fiscal and monetary policy, business investments, global consumer spending changes and so on. That's cynical nonsense. It was the WIN buttons.

So, to keep inflation at bay, it's time for our business and political leaders to grow spines and take the tough medicine by re-introducing that WIN button concept, even if the brilliance of the button has been cheapened the past few years by the likes of Staples with its copycat "Easy" button.

However, it's also time to modernize the slogan. "Whip Inflation Now" served us well, but it is very 1970s and needs an upgrade. We need something tougher, more dramatic, more in-your-face to match the era in which we now live.

For instance, yes, Kia is a car brand, but KIA could also mean "Kick Inflation's Ass." Or perhaps a SPITE button could enlist and invite people to "Sucker Punch Inflation, Today and Everyday." Maybe it's TIED -- "Treat Inflation with Extreme Disrespect." We could even stay with WIN, but here in 2008 it would mean "Waterboard Inflation Now."

Inflation -- yeah, we're talking to you. You're going down!

Opinions expressed solely are those of the writer. Mike Hoban, of Crown Point, is a senior consultant for an international leadership development and training firm. Send mail to him c/o The Times, or e-mail him at business-at-large@sbcglobal.net.