The mythology says that Paul Volcker replaced Miller as Fed chair and changed the Fed's monitoring from interest rate focused to reserves focused. Interest rates were raised and raised to historic highs and the inflation dragon was slain. Gold folded and we began a long period of low inflation.
Please tell us how the mythology is all wrong. And for extra credit, please tell us how this won't happen again with Bernanke's replacement
Please tell us how the mythology is all wrong. And for extra credit, please tell us how this won't happen again with Bernanke's replacement
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