It took time for the Fed’s monetary policy actions under your leadership in 1979 to achieve their iconic status; what is involved with the leadership of a central bank, both to understand the issues and to bring people with you?
There was a feeling in the country that inflation was getting us by the throat, the economy was not doing very well and stagflation – the very word was invented – was getting worse. People were speculating in commodities, diamonds, gold and so forth, and there was a
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