Mr. Holter was one of the original directors of the Minneapolis Reserve Bank, and he played the key role in a branch office being established here in Helena in 1921. I’ve always enjoyed reading and studying history. And I strongly believe that history can help inform policymakers’ decisions in the current day.
But, at the same time, I do think that policymakers need to be careful in how they use history. The monetary history of the 1970s is a great example of this need for care. I’m sure that some of you in this room remember that inflation – the rate of growth of prices – rose to disturbingly high levels in the 1970s.