Volcker’s victory over runaway inflation was not permanent, because the temptation for central banks toward excessive printing, monetization of government deficits, and levying inflation taxes is permanent.
One doubts that the so-called Inflation Reduction Act will reduce inflation. However, it will wreak havoc on the US economy with its lethal mix of taxes, regulations, subsidies, and outright crony capitalism.
Post-Keynesians believe that capitalism is internally unstable, leading to necessary intervention by the central bank. Austrians see that as backward reasoning, as policies by the central bank to create credit from nothing is the problem
Because government is predatory, it may seem ironic then to use the political system as a means of protecting one's own property, family, and loved ones. But there are times when such a strategy makes sense.