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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.
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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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