Volcker began the process under Carter and culminated it under Reagan.
But it took a man like Volcker.
With Bernanke and our stalwart politicians, how high would inflation have to rage before the will to impose the needed medicine would manifest itself?
Unfortunately, we may find out.
I'm afraid, you're right.
I think, it takes a combination of a Fed Chief like Volcker, WITH a President popular enough to keep the peoples mollified, and willing to endure the pain.
Reagan stood up to the challenge. And, pushed for the RIGHT kind of stimulus: Letting people KEEP more of their money.