Nixon and his advisors thought inflation at 4% was serious enough to institute price controls. Headline inflation in the US is now 4.2%. What kind of economic policy should we pursue to bring inflation back into the Fed's comfort zone of 1-2%? Would it work and would it be worth the pain?

The acting governor of the Bank of Japan, Masaaki Shirakawa, said on Friday that dealing with global market turmoil was his top priority, but warned those expecting a cut in interest rates that he has no preconceptions on where to take monetary policy.