Interesting episode that presents an alternative narrative for the 1970s inflationary episode, pinning it on regulations that cap bank deposit returns in order to prevent irresponsible insured lending at unsustainable rates (or lending at high rates and incentivizing risky behaviors to get those returns back). This disincentivizes deposits and incentivizes spending, also has some business credit effect that I didn’t understand quite as well. The guest claims that the timing of inflation effects lines up much better with these regulatory changes than it does with the Volker rate hikes.