Thoughts on NPR's Discussion of the Weimar 70s: Deflating Inflation Myths

NPR had a piece on the horrible inflation of the 1970s and how the country was rescued by the herioics of Paul Volcker who was Fed chair at the time. The piece raises several points that could use a bit more context and leaves out some important information.

First and most importantly, the piece implies a world that did not exist. It begins with a discussion of a speech by President Gerald Ford in 1974. It told listeners:

"Inflation was the silent thief, and every year it got worse. Inflation...