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n. Illinois | here is a little piece of history on Paul Volker that few know.
Volker was the person who convinced Nixon's Secretary of the Treasury John Connolly to go off of the gold standard in 1971.
This action along with the Fed printing money (allowing the money supply to grow over 12% year over year growth) 4 different years from 1971 to 1981 giving us the stagflation. So Volker is the guy who set your barn on fire and then he shows up with the fire truck to put it out. He is also the person responsible for the financial disaster that hit Agriculture so hard in the 1980's where we lost 50% of the land value.
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What did Reagan miss?
