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The Current Account Deficit Nathan Lewis The Current Account Deficit #2: Savings and Investment Nathan Lewis The Current Account Deficit #3: Complete Nonsense Nathan Lewis How To End The Fed Nathan Lewis

ukraine7
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Beware of the Volcker Myth to Fix Inflation - Nathan Lewis -

In defense of Volcker, he actually agreed in the 1970s, that it is baloney to say one needs a recession to destroy inflation. He was known as a inflation hawk. He was targeting, (albeit unsuccessfully) money supply targets, which is what lead to such high interest rates. He also made it known that he was determined to fight inflation rather than accept it and rather than try to beat it over time as his predecessors tried unsuccessfully, he figured such high interest rates to reduce the money supply would break the back of inflation, even if it caused a recession. He figured if conditions under which he started his chairmanship continued, there would be a recession in the future anyways, but one in which inflation continued with everyone's expectations.

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