tom: we continue with ken rogoff on radio and television.you mentioned, paul volcker, i want to go back to the courage of 1979. the doom and gloom crew wants volcker courage right now. i do not hear that from you that that is needed right now. what is the prescription for 2022, but what kind of courage is necessary for our monetary economist, our leaders on this theory? ken: we are in this pandemic where there is such a menace uncertainty. -- there is tremendous uncertainty. in 1979 it was clear what had happened. there was broad consensus the fed needed to do something and the politicians pushed back and i'm not sure jimmy carter knew what he was doing when he appointed paul volcker. today there is a lot of lingering uncertainty. i mentioned at the beginning that everyone on the fed is terrible, they're idiots. it is monday morning quarterbacking. i did not know when the pandemic broke out we would have the vaccine at this point. there were predictions about it. the modal predictions were much worse. where he will have to be courageous, he