Nice to have competent people in charge.
Was there ever a “crisis”? And did it need “fighting.” Isn’t that stuff part of the free market? Fighting it is interfering with it. TBTF. Zombie corps. etc etc.
Not saying there’s no such thing as crises or that nothing deserves “fighting” but just who is saying we had a crisis and we should fight crises?
Because the freeeee market has many failures, and runaway inflation is only one of them. Inflation penalizes people who save and rewards those who don’t. It distorts investment, which is generally bad for everyone.
And yeah, I’d say 9% inflation is a crisis. Doing nothing sooner or later leads to Argentina, or Weimar.
And I’m going from memory here, but IIRC, there were rumors of a worldwide once-a-century pandemic that shut down a few economies around the globe.
But it was just a rumor.
Gov’t and central banks are usually responsible for this failure and as far as I can tell, inflation is not limited to free market economies…