How Much Can You Take From the Past?

History is a nice way of understanding how the world we're in came about. But new situations present themselves and when they do, history often has limited use. The inflation regime cracked and crumbled in the late 1960s before the oil shocks occurred. It was a multi-year policy mistake and policy failure story that grew and festered over many years. That is important to keep in mind how do you actually break a good regime. We are not yet in that 1970s world.