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Nixon, however, could not or would not hold the line and triggered a war-born inflation that got so bad he tried to impose price controls on the country.
Controls are a poor substitute for prudent financial management. They could not hold back inflation but they contributed to the sense of waste, disorganization and social chaos, which are the handmaids of inflation...
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It took more than a decade of recession, lower wages and confusion before the ship was righted again.
Now comes Iraq and an Administration which either through miscalculation or doctrinaire bull-headedness has ignored what every minister of finance from every developed country has known for 150 years...
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