The Bias of the 19 Seventies

Central bankers believe that unemployment is ultimately your tool for controlling inflation. This obsession with the 19 seventies is really bazarre when you think we've had nothing like the 19 Seventies since then. It's a collective memoryit's also an age thing, as people who are largely in power are probably in their sixties and seventies now. And so consequently, they come with a tool box which is entirely jaundiced for fixing a problem that may have been peculiar to a certain decade and is now no longer relevant.