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Niall Ferguson: History of Banking Crises Holds a Warning for Jay Powell
Responding to bank failures in 1972 and 1984, the Federal Reserve pursued two very different paths, with very different consequences for inflation. To brake? Or to break? For central banks throughout history, there has been a recurrent tension between price stability and financial stability. Raising short-term interest rates acts as a brake
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Posted: March 19, 2023 Sunday 08:00 AM