Price Controls? Really?

From the Just When I Thought They Couldn’t Get Any Stupider Department comes this:

We have a powerful weapon to fight inflation: Price controls.

It’s obvious The Guardian hasn’t heard of Richard Nixon or any of the others who tried price controls to ‘fix’ inflation over the years. The results were always the same: a severe recession. The most recent example is Venezuela whose efforts paradoxically led to hyper-inflation and a dead economy.

I remember Nixon’s efforts to curb inflation with wage and price controls. It was an utter failure and sent the economy into a severe recession with high unemployment, astronomical interest rates, and a stagnant economy. It was a damn scary time and I have no wish to relive those times.