For those of you in the know, what do you think of Obama's choice of Paul Volcker:
I do have a concern in that Obama's economic appointees (including Volker) are all Keynes-followers. It's Keynes economics that are at least partly responsible for us being in this situation, and if they fight the problem by just applying their Keynes model more forceably, then it's like pouring gas on a fire.
There are some who would maintain that Volker is responsible for the 1980's recession. I suppose that's true; he did what had to be done to break the back of stagflation.