The ‘Real Cure' for Inflation Has Gone Ignored, Forbes Says
Forbes cited favorably an example from the 1980s: After then Fed chair Paul Volcker reined in inflation with a dramatic interest rate hike of over 20%, U.S. President Ronald Reagan stabilized the economy and increased production by cutting taxes and introducing deregulation.
"They do it by artificially raising interest rates. So they have fewer people employed ... that is not the real cure." Forbes suggested using gold to stabilize currencies — for example, tying the U.S. dollar to gold so the dollar has a fixed value.
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