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Episode 664: The Great Inflation

Federal Reserve Board Chairman Paul Volcker listens to a question as he appears before the Senate Banking Committee.

For much of the 70s inflation was bad. Prices rose at over 10 percent a year. Nothing could stop it. President Gerald Ford tried to cut inflation by asking Americans to spend less.

Gerald Ford's Whip Inflation Now campaign.

As you might guess, the campaign did not work. Then, a tall man who smoked cheap cigars did something very unpopular. Today's show: How we beat inflation.

Music: Jon Dix's "Geometry."Find us: Twitter/ Facebook/ Tumblr.

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