深受奧地利經濟學派的影響。
PAUL VOLCKER； Federal Reserve Board； 1979…1987： It's obvious to all of you from what's been said today that we're face to face with really unique economic difficulties。
PAUL VOLCKER；美聯儲，1979－1987年：從當前的輿論中可以很明顯地看出我們正面臨真正獨特的經濟困難。
NARRATOR： Volcker believed that inflation was one of the worst of all economic evils。
旁白：Volcker相信通貨膨脹最糟糕的經濟惡魔之一。
PAUL VOLCKER： It came to be considered part of Keynesian doctrine that a little bit of inflation is a good thing。 And of course what happens then； you get a little bit of inflation； then you need a little more； because it peps up the economy。 People get used to it； and it loses its effectiveness。 Like an antibiotic； you need a new one； you need a new one。 Well； I certainly thought that inflation was a dragon that was eating at our innards； so the need was to slay that dragon。
PAUL VOLCKER：有一點通貨膨脹是好事情，這被認為什凱恩斯模式的一部分。當然那時候發生的事情是有一點通貨膨脹，然後你還需要一點，因為這可以刺激經濟。但是當人們已經習慣了的時候，這種方法就無效了。就像抗生素一樣，你需要一種新的抗生素；以後你還會再需要其其它新的抗生素。噢，我當然認為通貨膨脹是吞吃我們財富的惡龍，所以我們要做的就是殺死這條龍。
NARRATOR： Volcker used a blunt weapon： He tightened the money supply。 The economy went into a nosedive。 Facing a presidential election； Carter was reluctant to back such harsh measures。
旁白：Volcker使用了一件鈍武器：他減少了貨幣供給。經濟發展急劇減速。面臨總統選舉的卡特不情願支援這麼一項嚴厲的措施。
Carter's rival was the Republican Ronald Reagan。 Reagan shared the same economic philosophy as Margaret Thatcher。 For over 20 years； he had been campaigning against the Keynesian orthodoxy and for Hayek and Friedman's ideas of free markets and freedom。
卡特的對手是共和黨人羅納德。里根。里根與瑪格麗特。撒切爾地經濟觀點一致。二十多年裡他一直參加反對正統凱恩斯主義和支援哈耶克與弗裡德曼關於自由市場和自由的觀點的活動。
NEWT GINGRICH； Speaker； ； 1995…1999： Reagan knew Hayek personally； he knew Milton Friedman personally。 And Reagan was； in a sen