I Will Not Take the Plane, but a Thing

After nixon's failed experiment with price controls, the us. Economy experienced ups and downs throughout the 19 seventies. Jimmy carter was under pressure to do something about inflation when he appointed Paul volker as head of the fed reserve. Volkar thought that by raising interest rates, the fed could cool down the economy and conquer inflation. Raising interest rates would make borrowing money more costly. It would likely raise unemployment and tip the country into a recession. But it was too late for carter to convince voters he could bring down inflation.