Many Americans have never experienced rapid inflation, and they are looking for lessons from history about how to tame it. That’s why the late 1970s and early 1980s are an increasingly popular topic of discussion among policymakers, particularly the experience of Paul Volcker, the former Federal Reserve chair who quashed high inflation in those years with aggressive rate increases. Jerome Powell, current chair of the Fed, which began raising rates this past week to fight persistently rising pric
Many Americans have never experienced rapid inflation, and they are looking for lessons from history about how to tame it.
During the American Civil War, the Union and the Confederate governments each spent tremendous sums. Leaders on both sides were deeply worried about the possibility of runaway inflation. But the ways they addressed it were starkly different, as were the results. Granted, the U.S. economy has changed a lot since the 1860s. For one thing, it now has a central bank, which has a mandate to maintain stable prices. During the pandemic, the Fed under Powell has pushed its powers, which steadied markets but also stoked inflation. Now, much of the focus is on the Fed to unwind these programs, and raise rates, to bring prices down.
Stevens had no idea how much revenue the taxes would raise, or if people would even pay them. But by 1865, the Treasury netted $300 million from customs and internal taxes — six times its prewar tax revenue. The military governor of Richmond imposed price controls — an old idea that has gained renewed attention recently — but farmers refused to sell food at the stipulated prices and the controls were dropped.
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