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How everything got broken

By Jay Elwes  

Welcome to the Prospector, Prospect’s in-house blog covering politics, economics and the circumstances that arise when the two meet.

It is a lively area of debate, here in Britain and also globally. But for a long time, it was much more settled terrain. When Paul Volcker, the former chairman of the US Federal Reserve Bank, took on inflation in the late 1970s, with the express purpose of wringing it from the American, and global, economies by sharply raising interest rates, he fought an economic battle; and won. He got inflation out of America’s veins, thus allowing his successor, Alan Greenspan,…

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