Tornado Alley (PROG)

[brooklyn13]

Thanks, that's some food for thought. Although, I'm not sure I'd take Volcker's word about this, his interest is too vested:

"The Federal Reserve board led by Volcker raised the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981. The prime rate rose to 21.5% in 1981 as well, which helped lead to the 1980–1982 recession, in which the national unemployment rate rose to over 10%."

Was this really better than inflated prices? It strikes me as being similar to the concept of "trickle down economics", which, as Krugman describes it, is a zombie theory. I'd like to see a more hands-off approach, although, it's true, that no one's asked my opinion:

https://www.mrmedico.info/apps/blog/show/42117689-how-does-the-economy-self-correct-from-inflation-