I've yet to find anyone who can explain to me how interest rate woo is supposed to fix the cost of essential imports like energy - which historically is one of the most obvious and direct causes of inflation.
The inflation of the 70s wasn't caused by the cost/availability of credit, it was caused by the fact that oil prices jumped from an average of $4 in 1973 to $13 in 1974.
For some reason we're supposed to pretend this had no significant effect on prices in an economy largely powered by oil.
It's baffling that educated adults can still take this seriously.
The inflation of the 70s wasn't caused by the cost/availability of credit, it was caused by the fact that oil prices jumped from an average of $4 in 1973 to $13 in 1974.
For some reason we're supposed to pretend this had no significant effect on prices in an economy largely powered by oil.
It's baffling that educated adults can still take this seriously.