Debasing a Baseless Currency

“Don’t let inflation get started,” former Fed Chair Paul Volcker warned us, “because once it gets some momentum ,it’s very difficult to deal with.” During his term, he was reputed to have “shut off the spigot” and slowed inflation to a trickle. The truth is, by his own admission, Volcker didn’t do anything brave. He did the only thing he could do as Fed Chair…