We are now well underway in a repeat of "The 20th-century Great Inflation, stoked by the Federal Reserve and the other central banks of the day, was in full gallop in the U.S and around the world.”
https://mises.org/wire/volcker-and-great-inflation-reflections-2022
Key point from the article:
"The inflationary problems of Volcker’s days and ours are fundamentally linked to the demise of the Bretton Woods system in 1971, when the United States reneged on its international commitment to redeem dollars in gold."
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i remember the 18% mortgages and 21.5% prime which was necessary to kill the 13% inflation rate
friends had negative amortization mortgages. every month they owed more. their payment did not cover the interest.
i remembered it. why didnt the fed reserve governors?
or maybe they dont care
Until the Fed cranks interest rates above the rate of inflation, it will continue.
Of course, if Congress would stop borrowing money (which is all printed out of thin air), half of the Fed’s job would be done for them. They won’t. They will point fingers at the Fed for “ruining” the economy while they continue the job themselves.