Why Can’t Europe Understand Basic Economics?

I came into economic consciousness in 1972, and was an observant witness of the break-up of Bretton Woods, and the subsequent Great Inflation of the late seventies. I watched as Paul Volcker and other central bankers went to war against inflation and, by controlling money growth, began the process by which global inflation was exterminated by the 1990s. That was the seminal monetary experience of my generation: the slow strangling of the inflation monster.