In the United States, we’ve had other episodes: most recently, the Volcker disinflation of the early 1980s. I had in my office a piece of wood, which critics mailed to Paul Volcker [then chairman] saying: cut interest rates.
The American Museum of Finance writes:
This piece of 2x4 wood was mailed to Volcker’s office as a part of a protest by building contractors and carpenters, who claimed their lumber was unneeded since no one was buying houses. Although Volcker is now widely credited with stabilizing the economy in the 1980s,