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Opinion
Niall Ferguson

The Fed Hasn’t Fixed Its Worst Blunder Since the 1970s

Jay Powell wants us to believe he has what it takes to bring inflation under control. History warns us to be skeptical.

Paul Volcker knew a few things about inflation.

Paul Volcker knew a few things about inflation.

Photographer: Pierre Manevy/Hulton Archive via Getty Images

I knew Paul Volcker. Jay Powell is no Paul Volcker.

I didn’t perhaps know “Big Paul” as well as Lloyd Bentsen knew John F. Kennedy, but I knew him well enough to talk trout fishing in a cloud of a cigar smoke, getting a crick in my neck as well as smoke in my eyes because he was so darn tall.