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Is everyone pretending to understand inflation (or just me)?
Mark Blyth
Paul Volcker is the central banker who's appointed by Jimmy Carter to run the Fed. And he basically says, right, I'll sort this out. I'm going to make the cost of borrowing money eye-wateringly expensive because I'm shoving interest rates up to 16%, 18%. But what happened was the inflation rate collapsed. And then by 1984, the inflation was more or less over.
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