Keeping interest rates at unprecedented lows for an extended period, isn’t this a type of price control as well?
At the time of the “Nixon Shock” America was a creditor nation, with a strong manufacturing base and middle class. It’s not as if the Fed can raise interest rates to 20%, in fact, even “normal” rates of 4%-6% would be a big problem.
Do you remember when the prime rate was over 20%?