New episode of History As It Happens: Let's look at the towering legacy of Paul Volcker, the Fed chairman who defeated inflation. Economist and Volcker biographer Bill Silber says Jay Powell ignored some important lessons from the 1980s.
In the late 1970s, the national mood was dark. In the words of President Carter, Americans faced a"crisis of confidence." Inflation reached double digits. Stagflation entered the lexicon. An OPEC price increase led to an energy crisis. And there was the Iran hostage fiasco of 1979. As his presidency strained to regain its footing, Carter made an appointment that would leave a lasting mark on history. He picked Paul Volcker to lead the Federal Reserve.
Volcker’s policies loom large today as Federal Reserve chairman Jay Powell struggles to curb the worst inflation since the early 1980s. In this episode, economist and Volcker biographer William Silber talks about the towering legacy of the Federal Reserve chairman, as well as the historical lessons Powell might heed.This is a podcast for people who want to think historically about current events. Everything happening today comes from something, somewhere. The past shapes the present.
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