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So we had a terrible inflation, a building boom that collapsed, and acute shortages of food.
People like Meltzer chose to disregard all of that, insisting that terrible inflation (and high interest rates) were just around the corner.
By the mid-nineteen-seventies, the price of copper, Zaire's chief export, had fallen dramatically, and the President's totalitarianism and his move toward Mao-inspired nationalization of industry had chased away investors and set off terrible inflation.
Happily, we American tourists didn't have to convert our money (Jamaica is suffering terrible inflation, the Jamaican dollar losing value before your eyes), but instead could rely on our American dollars.
President Ronald Reagan and Federal Reserve Chairman Paul Volcker eventually killed the terrible inflation fever, but there was no retying the dollar to gold.
But then came Ronald Reagan, who killed the terrible inflation of the 1970s, sharply reduced income tax rates and pushed deregulation.
Similar(48)
The first three were accompanied by terrible unemployment, plus inflation so high that people needed calculators to discover how much worse off they were.
He has overseen exultant highs and terrible lows from the "great moderation" of inflation and steady growth to Britain's worst banking collapse.
And one of the things they tend to bring up is the hoary old myth that the 80s success in taming inflation was somehow a terrible shock and surprise to Keynesians, who had no explanation.
Arnold Schwarzenegger's Sabotage opened to a terrible $5.2 million, making it (adjusted for inflation) the biggest box office bomb of his four-decade movie career.
I'd also say that a little more inflation would not be a terrible thing right now — it would help reduce the debt overhang, and it might also, on the margin, make people less risk-averse.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com