Powell keeps referring to the 1970s when talking about inflation, when really he should be referring to the 1940s.

As long as they keep trying to fight 1940s-style inflation with 1970s-style monetary policy, they're going to have a bad time. Can't tighten policy this quickly when debts are this high and not break a lot of things.

In the 1940s, the last time public debt was this high, the state banned people from fleeing to alternative ledgers as they destroyed their own ledger. They blocked the exits as the fire burned.

They didn't have social media, rapid bank withdrawals, or bitcoin. In this era, we can have a different outcome. Blocking exits to an alternative ledger, is an admission of a failed ledger.

Attempts a blockages should be expected. Pushback is necessary.