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."
Bernanke needs to learn two crucial lessons of the 1970s before it's too late, says Volcker...
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