Inflation hawks, led by people like former treasury secretary Larry Summers don't seem to believe that inflation can be reduced unless plenty of ordinary people suffer through an extended period of economic suffering. Even as key economic indicators show inflation nearing the Federal Reserve's target of 2 percent there are calls for more interest rate hikes. Many, if not most of the loudest voices in the debate lived through the stagflation of the 1970s. They seem hell bent on living out the Paul Volcker fantasy of high unemployment and layoffs to crush inflation. What they don't seem to realize is the battlefield has changed, but their strategy remains the same.
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