Volcker also brought the economy to a halt, which devalues the currency by reducing goods and services, and that’s inflationary. At best it’s a wash. In practice all he did was cause a nasty recession.
I have read that Reagan gave Volcker the green light to do what he did. Nobody’s perfect.
Slashing government growth and regulations along with an increase in private sector growth and productivity is the only way.
“Volcker also brought the economy to a halt, which devalues the currency “
Actually it has the opposite effect on the dollar. Halting inflation made the dollar very strong, far more than the Reagan economic team expected.
“I have read that Reagan gave Volcker the green light to do what he did. Nobody’s perfect.”
Well if they hadn’t done that inflation wouldn’t have ceased. Part of the problem was breaking the inflationary expectations and behavior of the public at large. We were spending money as fast as we got it because we expected it to continue to devalue, so monetary velocity was through the roof. Slamming the breaks on credit growth stopped that.