Economics and politics have swings between the left and the right in varying extremes as the excesses of each become intolerable and the memories of the problems of the other fade. It’s like fashion—the widths of ties and the lengths of skirts change through time. When there is great popularity of one extreme, one should expect that it won’t be too long before there will be a comparable move in the opposite direction. The move to monetary tightness broke the backs of debtors and curtailed borrowing, which drove the world economy into its worst downturn since the Great Depression. The Federal
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