Nixon Shock and price and wage controls second

Congressional Testimony on the Costs of Rapidly Growing Government Debt

Another view of the economic costs of debt is related to what is sometimes called “Modern Monetary Theory.” It is difficult to determine how this approach would work in the future, and it is frequently associated large spending programs and wage and price controls. Model simulations would be useful, but history can be a valuable guide:
In the 1970s the United States imposed wage and price controls and the Fed helped finance the federal deficit by creating money. The result was a terrible economy with unemployment and inflation both rising. This ended when money growth was reduced in the late 1970s and early 1980s. As explained in a forthcoming book by George Shultz and me, it is an example where poor economic reasoning led to poor economic policy and poor economic performance. It was reversed when good economics again prevailed, and policy changed.

Wiki:

The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.[1]

Nixon's problem is that none of us wanted to pay for the worthless government crap, and it is happening again.

It wasn't good policy that saved the day, it was a 'This time is different', being following by the same old thing.  I believe that John Taylor was part of the fraud that claimed policy was finally fixed.  It is never fixed, it always imbalances between generation.

So, John, you studied the FDR shock, participated in the Nixon Shock, repeated the fake policy and got us right here, at the same spot. Why not just conclude that this is predictable, it is.  Then, like Joe Stiglitz, you can recommend another 'This time is Different' fraud.

I have a better idea.  let us pretend a 'This time is different' but really do a 'This Time is about the same as next time', just improves the cycle a bit.