Inflation was very obviously caused by oil price shocks. The price of oil tripled, which was an unmitigated disaster for the West's petro-economy. It's an exot

Inflation was very obviously caused by oil price shocks. The price of oil tripled, which was an unmitigated disaster for the West's petro-economy. It's an exotic reinvention of history to suggest putting up interest rates did anything to fix that. We had the same excuse rolled out in the UK, and legend still has it that rising wages "cause inflation" while resource price shocks, asset price inflation, and corporate profiteering magically don't. As for Carter - an unusually decent and thoughtful man who genuinely spent his life trying to do the right thing. But perhaps a little out of his depth with the cutthroat psychopathy of geopolitics.