Word: clampdowns
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Cause they're working for the clampdown...
When we're working for the clampdown...
...working for the clampdown...
...frustration. Inflation galloped to an annual rate of 13% and stayed there, all but impervious to attacks by the Carter Administration. The burden of containing inflation eventually fell on the shoulders of new Federal Reserve Chairman Paul Volcker. His tough fiscal measures, including higher interest rates and a clampdown on the money supply, do promise to restrain price boosts?but only after a distressing time lag, and at the cost of making more severe a recession that the U.S. seemed headed for anyway...
...fact, a surprise surge in money growth was precisely what happened last spring. This is a big reason why inflation shows no signs of abating. Ironically, even as then Fed Chairman and now Treasury Secretary G. William Miller was proclaiming a clampdown on monetary growth and pointing proudly to double-digit nationwide interest rates as evidence that the Fed was making it costly to borrow funds, the money supply itself was about to explode...