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Pittsburg, Kansas | Money supply expansion the previous twenty years was what brought on the price inflation. More money would have just made the inflationary problem worse.
Volker did what he did to keep inflation from running away. Now a person could easily argue that it should have been done earlier or easier or somehow different, but he was trying to reign in some of the excess from previous administrations that was starting to look like big problems.
We may very well be in the same situation only worse within a few years. There is a lag between monetary inflation and price inflation.
John | |
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A difference between now and the Eighties
