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 associated scholar of the Mises Institute. He founded Grant’s Interest Rate Observer in 1983 following a stint at Barron’s, where he originated the “Current Yield” column. His latest books include John Adams: Party of One; Mr. Market Miscalculates; and Mr. Speaker! The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster.