The Vulcar Shock

Neo liberalism arrived on the world stage in the form of the vulcar shock. In 19 79 Jimmy carter appointed paul vulkar as the chair of the federal reserve, with a broad mandate to reduce inflation. Volker's solution was to increase interest rates at 20%. This essentially blew a crater in the american economy and immediately sent it into recession. But the damage to the third world was even worse. With all resistance slaughtered, entire nations were reduced to debt servicing machines.