The messy true story of the last time we beat inflation

Leave a comment

Click the link below the picture


As inflation persists at multi-decade highs, the pressure is on the Federal Reserve, above all other economic policymaking institutions, to halt rising prices: The central bank announced another interest rate increase Wednesday in its ongoing efforts to combat inflation.

Since the climax of the last major inflation crisis in the 1970s, independent central bank chiefs willing to administer proverbial harsh medicine — raising interest rates so high they potentially cause a recession — have reigned like near-deities over our economic lives.

In this, Fed Chair Jerome Powell stands in the shadow of his most legendary predecessor, the late Paul Volcker. Inflation hawks want Powell to go “full Volcker”: follow the elder banker’s example from 1979 and raise interest rates high enough to choke off demand, even at the cost of a devastating recession.

The Volcker shock looms large in the mythology of central banking: the moment when neoliberal Zeus slew the old economic Titans standing in the way of progress. Volcker’s rate hikes sent the US economy into the worst recession since the Great Depression during the early 1980s, but it eventually recovered into what’s called the “Great Moderation”: a more than three-decade stretch when inflation seemed banished even as economic growth returned.


https://cdn.vox-cdn.com/thumbor/yfNlJA1MYwWUxDRDdakJKZbT5g0=/0x0:4237x2825/920x613/filters:focal(1463x871:2139x1547):format(webp)/cdn.vox-cdn.com/uploads/chorus_image/image/71574048/GettyImages_1292713874_volcker.0.jpgFormer Federal Reserve Chairman Paul Volcker’s rate hikes sent the US economy into the worst recession since the Great Depression during the early 1980s — but it eventually recovered.Bita Honarvar/Vox; Diana Walker/Getty Images; iStockphoto



Click the link below for the article:





Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.


The ornaments of tribe

Banter Republic

It's just banter


Unlock the World of Knowledge with KnowlExplo


Your go-to platform for answering online "what" questions on a wide range of topics, providing accurate and reliable information to satisfy your curiosity.


The mill of academic learning


this love fairy fell in love with her ghost

Travelling Light UK and beyond

Seeing the sights on and off the Harley-Davidson

Flip Side - Word Up!

I will endeavor to present you with a Word Up blog that may be completely flip side to popular opinion! I pray that all my reads challenge you the reader!

Stil unic!

Stilul face diferența!


Shelves of Guidance

Laws and Claws

Like you, but with claws.


Our opinions don't stink!

Fantastic Planet 25

A Portal To Another Green World

heard + felt

navigating life after trauma


Για του Χριστού την Πίστη την Αγία και της Πατρίδος την Ελευθερία...!

masks and tales

bunch of atoms, with a bunch of masks and tales

Cuentos, relatos, poemas y crónicas de

Chalo, 95' Soy lo que juré crear y destruir. Escribo para ser libre


Right writing , speaking and loving



The Sage Page

Philosophy for today


Ideas, opinion, tips, advice, inspiration, and motivation of daily life.

Water for Camels

Encouragement and Development for Social Workers and Those with a Mission of Helping Others

The Orthosphere

Wherever an altar is found, there civilization exists - Joseph de Maistre

Clouds Curiosity Corner

A community of movie lovers to discuss all things cinema related! Reviews, suggestions, and more! <3

A dreamAchieve.wordspress.com

Achieve your goals with hard work


Fresh hacks every day

Babsje Heron

Great Blue Herons: A study in patience and grace

Print Test Page

Check Your Printer Quality


songs unheard by the poet next door

This, that and the other thing

Looking at life through photography and words

The Wild Coach

You are an important nexus of energy

Cindy Bruchman

Photography. Observations. Adventures. Let's talk.

Time To Talk Beauty

A world of beauty ... from Scotland

Julia's books

Sharing my passion for books with views, news and reviews

Tasty Eats

Tasty recipes from chef Ronit Penso's kitchen

Cruzar la Noche

Poemas y Cuentos para Insomnes

%d bloggers like this: