The Spectre of the Severe Stagflation of the 1970s Resurfaces in America

Some people are beginning to remember the radical method used by Paul Volcker.

Following Bill Clinton's victory in the 1992 U.S. presidential election, some people wondered why the Democratic candidate won the election against the incumbent Republican President George Bush. One of Bill Clinton's advisors uttered a phrase that will forever remain in legend: “It's the economy, stupid”.

America was in the midst of a recession at the t…