Consumer borrowing was heavily restricted in 1940s to curb inflation – it's time we did it again

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Consumer spending fuelled by credit cards and bank loans has become central to economic growth, but it wasn’t always.

Lyn Alden on X: During the 1940s, inflation was transitory in rate-of-change terms, but after each spike in inflation, prices reached a new permanent plateau and went up from there. Cash and

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Consumer borrowing was heavily restricted in 1940s to curb inflation – it's time we did it again

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