“I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.”
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It was the biggest inflation and the most sustained inflation that the United States had ever had.
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When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.
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Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed.
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