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Domestic Stagflation And Monetary Policy: The Federal Reserve And The Hidden Election

In: The Political Economy of Central Banking

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  • Gerald Epstein

Abstract

As Jerry Ford left the White House he handed Jimmy Carter three envelopes, instructing him to open them one at a time as problems became overwhelming. After a year, Carter opened the first envelope. It said, "attack Jerry Ford." He did. A year later, Carter opened the second envelope. It said, "attack the Federal Reserve." He did. Three years into his term, and even more overwhelmed by the economy, Iran, Afghanistan and so forth, Carter opened the third envelope. It said: "prepare three envelopes." Paul Volcker, January 1981

Suggested Citation

  • Gerald Epstein, 2019. "Domestic Stagflation And Monetary Policy: The Federal Reserve And The Hidden Election," Chapters, in: The Political Economy of Central Banking, chapter 1, pages 2-56, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18820_1
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    Economics and Finance;

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