Mr. Volcker certainly deserves credit for curbing the Great Inflation of the 1970s. However, he also merits a lion’s share of the blame for unleashing the Great Inflation on the US and the world economy in the first place.
Central bankers are increasingly talking about raising the inflation target above 2 percent. Are negative interest rates next?
Why does this domino process affect only banks, and not real estate, publishing, oil, or any other industry that may get into trouble?
The true lesson from Japan is that central planners prefer to gradually nationalize the economy before even considering a moderate reduction in government size and control.
Suppose that a convincing orator should go on TV tomorrow, and urge the public: "The banking system of this country is insolvent."
The Fed overestimated the robustness of the economy, underestimated the level of addiction of the markets to cheap money, and it was way too quick to proclaim a “full recovery” from the crisis.
The Morgan-Rockefeller forces began to organize a "reform" movement to cure the "inelasticity" of money and to move slowly toward the establishment of a central bank.
Join us for our 2020 Supporters Summit, October 8–10, at the historic Jekyll Island Club Resort on Jekyll Island, Georgia.
Presented at Jekyll Island, Georgia, in September 1986.
