Paul Volcker is a hero to many because he saved the US economy in late 1970s and early 1980s.
Ignoring all the voices who said it was impossible, he courageously stopped out-of-control money printing and restored sound monetary policy. The policies worked and made it possible for the Reagan economic boom to get started.
Now Bloomberg tells us that the new Prime Minister of Japan may bring that country a “Volcker” moment. How will he do this? By spinning the Japanese money printing presses even faster.
So how can this be a “Volcker” moment? It is the opposite of sound monetary policy. It is the opposite of courageous.
But we can’t express too much surprise. This is how corrupt our media and political discourse have become.