I'm not quite convinced by this argument, but starting with a rhetorical like 'What do Enron, the credit crunch, shrinking real incomes, galloping inflation, (etc) have in common?' might be a punchier beginning for some markets.

Also - it could help to frame the argument in monetarist terms. We've argued on ET that energy and asset price bubbles are inherently at least as inflationary as wage pressures. If you could fit that point in and try to trojan horse the argument as a question about 'sound economic policy', it might be more likely to change minds than a full-on assault.