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“It was the old-time financial religion from a President who has consistent­ly clung to newer ways,” wrote Newsweek of Jimmy Carter’s shock-therapy program to check inflation with the world’s financial markets near panic. “The heart of the plan was a $30 billion war chest to support the dollar.” Unlike Carter’s reserved funds for price and wage controls, the Federal Reserve has hiked interest rates five times this year to curb inflation. In October, the Internatio­nal Monetary Fund predicted the world’s economic growth will slide to 2.7 percent next year.

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