Fascinating and important piece on the enduring effect of 70s inflation on policymakers, even though they drew all the wrong lessons. For anyone reading who might have ever worried about Inflation, this, here is what you MUST read. Lucid and to clear away the cobbwebs, by Yakov Feygin. "The Volcker Shock ended the era of stagflation by destroying the demand for money. It wasn’t the reduction of the money supply, but the destruction of the economy that ended the great inflation."

Great stuff - we do need a better error theory for the durability of the deflationary bloc beyond falling profits or state capture: "Asset distribution connects “money manager capitalism” with “asset capitalism”."