The Ghost of 1979: What Happens When Inflation Comes Back? (Episode 18)
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The Ghost of 1979: What Happens When Inflation Comes Back? (Episode 18)
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Inflation isn't just a number. Eventually, it can become a way of life.
In Episode 18 of The Roger Retrospective, we go back to the Great Inflation of the 1970s — when Americans waited in gas lines, wore “Whip Inflation Now” buttons, rushed into gold, assumed old mortgages because new ones carried double-digit rates, and watched supermarket prices seemingly change before their eyes.
The deeper story isn't simply about Paul Volcker raising interest rates to nearly 20%. It's about how America gradually learned to expect inflation — and how extraordinarily painful it became to change those expectations.
From Lyndon Johnson and William McChesney Martin to Nixon and Arthur Burns, the oil shocks of 1973 and 1979, and finally Volcker's dramatic Saturday-night policy shift, we trace how a series of understandable decisions helped turn rising prices into something embedded in American psychology.
And with energy prices again putting pressure on inflation today, the question from 1979 suddenly feels relevant again:
How much pain should a country accept today to prevent potentially greater pain tomorrow?
🎙️ Episode 18 of The Roger Retrospective.
Today’s world, through the lens of history.