OCTOBER 6TH 1979 was a beautiful Saturday in Washington. It was not the kind of day that augured wrenching change in economic policy. But on that date Paul Volcker, then chairman of America’s central bank, announced a radical plan to quash persistent inflation. Before the battle was won, America’s interest rates reached 20% and unemployment surpassed 10%. Car dealers sent him the keys to vehicles they could not sell, in coffins.Listen to this storyYour browser does not support the element.Enjoy more audio and podcasts on iOS or Android.China is now facing its own “Volcker moment”, according to Ting …
