In 1946, as now, the government held up the threat of deflation to justify a policy of ultra-low interest rates.
James Grant
James Grant is an American writer and publisher. He founded Grant’s Interest Rate Observer, a twice-monthly journal of the financial markets published since 1983. He has also written several books on finance and history. Grant served as a Navy Gunner’s mate, graduated from Indiana University, and received a master’s degree in International relations from Columbia University.
Grant is the author of Money of the Mind (1992), The Trouble with Prosperity (1996), John Adams: Party of One (2005), Mr. Speaker: The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster (2011), and The Forgotten Depression (2014) among other works. His most recent publication is Bagehot: The Life and Times of the Greatest Victorian (2019), a biography of Walter Bagehot.