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sous l'impulsion du nouveau Président de la FED (Federal Reserve System,) Paul Volker, la décision de contrôler strictement la masse monétaire est prise, Cela revient à s'attaquer vraiment à l'inflation par la hausse des taux d'intérêt. De 1973 à 1979, les États-Unis, comme beaucoup d'autres gouvernements, sont désarmés par cette combinaison inflation/stagnation. En effet, les leviers de la politique économique ne fonctionnent plus correctement : les relances créent de l'inflation

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