Bernanke needs to learn two crucial lessons of the 1970s before it's too late, says Volcker...
Bernanke needs to learn two crucial lessons of the 1970s before it's too late, says Volcker biographer William Silber: "First, we can’t get a permanent reduction in unemployment by inflating... Second, we’ve got to worry about inflation even with unemployed resources." But after five rough years, U.S. citizens "may not tolerate a central bank that acts pre-emptively, as it must, to prevent inflation."
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