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" ... The Volcker narrative is all wrong. Not only did the central banker regularly leak against the Reagan tax cuts, his focus on “money supply” was doomed to fail no matter what given the globalized nature of money and credit. As for economic collapse being an inflation killer, that’s not serious. Ferrara knows it isn’t. It’s time for Reaganites to bury a Paul Volcker myth that promotes suffocating an economy in order to save it, and that needlessly besmirches Reagan’s impressive achievements. ... "