On April 19th Dr. Fareed Zakaria, host of the Global Public Square (“GPS”) program on CNN and editor-at-large at Time magazine, shared with a diverse group of Puerto Ricans his views on various issues affecting the global economy and the larger geopolitical landscape.
For Dr. Zakaria the year 1979 was the critical inflection point in recent history. That year, Paul Volcker was appointed to be the chair of the U.S. Federal Reserve System and his mission was to “break the back of inflation.” It is perhaps difficult to remember today those days of double digit inflation, but Volcker, at the cost of inducing a very sharp recession, succeeded in taming inflation in the United States. The central bankers of the West soon followed suit. According to Dr. Zakaria, in 1979 there were 34 countries suffering from hyperinflation, in 2011 there are none.