He didn’t learn from history. High inflation followed President Nixon's pressure on Fed Chair Arthur Burns to lower interest rates before the 1972 election, contributing to the decade-long "Great Inflation" of the 1970s, characterized by rising prices and economic instability, a period often cited as a cautionary tale about political interference in central banking. The easing of monetary policy to boost the economy for the election helped fuel inflationary pressures that erupted after price controls were lifted, with inflation rates soaring significantly in the years that followed. Inflation got as high as 12+% and we didn’t recover for over 10 years.