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The synthesist and the radical

The New Bazaar

CHAPTER

What Is the Difference Between Paul Volker and Paul Samuelson?

There were all sorts of attempts to stop inflation, purely by legislation. Particulalry in western europe, caused grief to all the socialist governments who fond themselves pitted against the trade unions. So he inflation is every always and everywhere a monetary phenomenon,. which is caused by a central bank putting too much money into the system. Well, even though that wasn't obviously true, it was, people blamed trade unions. They blamed profiteering merchants.

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