Ahh, the revisionist Volcker argument. Comrade King, I'm sure Arthur Laffer would be interested to know that he is really a Keynesian, rather than an Austrian economist. The statist religious sociopath Krugman, who successfully portrays himself as an economist, has said this many times. Reagan had Volcker restrict the money supply, it was the only was to kill the inflation of the Carter years. This created a brief recession, and then due to the other private sector stimulative actions, the massive growth of a real recovery. Contrast this with the non-existent "Obama" recovery.

I prefer wood to plastic, leather to nylon, waxed cotton to Gore-Tex, and split bamboo to graphite.