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Changing the name of Brazil's inflated currency from cruzeiro to cruzado, Sarney froze prices and stopped inflation.
A somewhat lesser known problem is what might have stopped inflation.
Brazil's currency has appreciated by more than 100% since 2003, yet even this has not stopped inflation from picking up.
Spiraling interest rates indeed improved the president's image on Wall Street and stopped inflation; consumer price indexes have been lower for the last two months.
Gramm boasts that "the program I put in the House created 8 million more jobs, stopped inflation, rebuilt defense, saved Social Security and cut taxes". Democrats say it triggered the worst recession since the Great Depression and left gaping budget deficits and a record trade imbalance.
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Higher unemployment would then be necessary to stop inflation accelerating.
By creating economic slack, this should stop inflation rising further.
The point, they argued, was to stop inflation expectations falling, not to push them up.
But that didn't stop inflation: All other prices continued to increase.
A stronger-than-expected jobs report could fan fears of aggressive Fed action to stop inflation.
Friedman won the rhetorical battle, largely because wage and price controls were all but useless in stopping inflation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com