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" ... Volcker, therefore, may have had precious little to do with ending of the great inflation of the 1970s and early 1980s. When the rate of return for enterprise and working goes up, money flows towards those things. When high tax rates make enterprises unremunerative, those with money fool around with alternatives like hedging the dollar, leading to speculation against it, which is the stuff of inflation. On this note, gold went up 23-fold in the 1970s. And as inflation sets in, those who have already produced stuff keep it in inventory, willing to release the goods only when prices rise: another phenomenon of the 1970s. All those games paled in comparison to the profits to be made by simply engaging in business after the tax cut of 1981 phased-in in 1983. The insoluble inflation of the 1970s, derived deep down from the nation’s crisis of confidence in itself, per Carter, expired with a whimper in the face of a big tax-rate cut become effective. ... "