Can Yellen Avoid Great Inflation of 2010s?

This month marked the 40th anniversary of the resignation of President Richard M. Nixon. Two new books revealed fresh transcripts from the archive of audio tapes that the paranoid president made on his secret recording system in the Oval Office.

There was intense focus on the Watergate scandal, which drove him from office. But there was little coverage of one of President Nixon’s lasting (and worst) legacies: the Great Inflation of the 1970s. Nixon’s bullying of obsequious Federal Reserve Chairman Arthur Burns was a principal cause of what became a truly lost decade.