You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation.
If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. ... There was a Twilight Zone episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.
People who are complaining about the Fed are people who've been predicting runaway inflation for five and six years, and it hasn't happened.
There's one thing that the Fed has been really good at cracking down on, and that's inflation.
When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.
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