As the Federal Reserve has embarked on a series of interest rate hikes that threaten to throw the economy into a recession, it is time we rethink how we fight inflation. Monetary policy, the actions taken by the central banks, has been the dominant tool for economic stabilization in the United States for the past few decades. This has allowed Congress to largely shirk their own responsibilities for fiscal policy, that so often get mired in politics and squabbles big and small surrounding deficits and debt. While central banks have postured as developing policy based on a scientific approach to the economy, they continue to hinge efforts on largely defunct and discredited economic
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