The Phaserl


This Collapse Will Be Infinitely Worse Than The 2008 Crisis

from King World News:

According to Pimco’s new Chief Economist, Paul McCulley, the Fed’s war against inflation has been won! But, before we get out our party hats and plan the tickertape parade, we have to ask ourselves – for the past 27 years have we really been at war with inflation? Yes, during the late 1970’s and early 80’s a different Paul (Paul Volcker, Chairman of the Federal Reserve) waged a real battle against inflation….

Mr. Volcker painfully took the Fed Funds rate to near 20 percent in June of 1981. The economy suffered a deep recession, it was a treacherous battle plan, but the Fed stayed the course because Volcker was correctly convinced that limiting the growth rate of the money supply was the key to popping asset bubbles, vanquishing inflation and establishing a sound economy.

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1 comment to This Collapse Will Be Infinitely Worse Than The 2008 Crisis

  • Ed_B

    “Both Volcker and Keynesians cannot be correct. Inflation cannot be defeated by taking interest rates to 20 percent…”

    Well, history is pretty clear on this point and Volcker was correct in his approach. Inflation WAS snuffed and this move on Volcker’s part led directly to the 18 year bull market in stocks from 1982-2000 that proceeded immediately thereafter. I agree that both Volcker and the Keynesians cannot be correct: Volcker was correct and the Keynesian were and are not.

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