With prices on the rise in the U.S. economy, the Federal Reserve is expected to announce on Wednesday an increase in interest rates, essentially pouring a cold glass of water on the economy.
Why would the central bank do that? The answer lies in the inflation crisis of the 1970s, when a failure to react quickly enough still looms large in the memory.
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Yesterday
Do Aliens Exist? Steven Spielberg Believes They Do
Almost 50 years ago, Steven Spielberg directed “Close Encounters of the Third Kind,” the story of an average man who discovers that humanity may not be alone in the universe. Over the decades, Spielberg has directed several movies about what would happen if humanity made contact ... Show More
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Jun 12
1979: How the U.S. and Iran Went From Allies to Enemies
At the heart of the current U.S. war against Iran is an inconvenient truth: that the United States is, in many ways, responsible for creating the very regime it now seeks to topple. Today, Scott Anderson, a New York Times Magazine contributor, tells the story of America’s outsize ... Show More
49m 32s
<p>Inflation has hit a 40-year high in the U.S., driving up the cost of everything from groceries to housing. As the Fed prepares to raise interest rates, here’s what to watch out for.</p><p><br></p><p>Read more:</p><p><br></p><p>In December, inflation hit a staggering 7 percent. ... Show More
