Inflation is a psychology problem
Quote
it was a psychological human behavior issue. Because the, the, everybody when when inflation really settles into, to the public consciousness, you, you feel like you have to go buy, because you got to get it before the rate goes up. And you want real goods, you want you want hard assets
Episode 125: Wolf Nuts (episode page, opens in a new tab) 00:15:42 (play audio from this timestamp, opens in a new tab)
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Summary
Once inflation settles into public consciousness, people rush to buy real goods and hard assets before prices rise, which is why the Volcker-era Fed felt powerless.