Below is a newspaper clipping from the era showing how things really were. Government intervention in the economy during the period included price controls. The controls resulted in the inevitable shortages and rationing was instituted.
With Bernanke printing money very aggressively, price inflation is likely to not be too far away. Once the price inflation hits will politicians institute price controls once again and when the shortages come because of the price controls, will rationing be next?
Politicians love to exercise power, just keep in mind the anti-gouging price controls that were enforced after Hurricane Sandy, which led to gas rationning.
Click on pic for larger view. |
Click on pic for larger view. |
(ht Adam Muntner)
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