Quote:
Originally Posted by Dan2020
I believe it was Paul Volckner acting as the head of an independent Federal Reserve that formulated a policy that brought the rampant inflation of that time under control. Ironically because it was under the Reagan administration that the USA was transformed from a creditor nation to a debtor nation.
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Paul Volcker was a Democrat installed by Jimmy Carter. He was the guy who CREATED the inflation that you say he solved.
I guess it must have been sheer coincidence that the moment Volker's boss became Ronald Reagan, he suddenly found religion and realized that all he needed to do to solve the 20% inflation he'd created under Carter was to quit printing money. Well, either coincidence or he just wanted to keep his job.
And yes, it's true -- if you're not paying your bills with fake money, it's a sure bet you're going into debt if you don't have enough real money. Sorry, but that seems like a poor reason to go back into the counterfeiting business to me. Maybe if Tip O'Neil had cooperated with Reagan's plan to live within our means, we could have had low inflation without tripling the debt.