3min chapter

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The Mystery of Inflation (2022)

Throughline

CHAPTER

The Inflation Bonanza

In 1971, President Nixon ordered a freeze on all prices and wages throughout the United States. The message worked: Prices for everyday items shut up. Republicans won and took over Congress for the first time since 1930. By 1947, the rate of inflation in the U.S. was a whopping 20%.

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