The latest similar example of inflation the Fed has to draw upon was the oil embargo crisis and Volker's response that drove interest into double digits, eventually crippling the economy. However, that "cure" wasn't the driving force that caused a lesson of inflationary forces, even though even Carter credited Volker with the win.

Carter deregulated the natural gas industry in the US, enabling much of the energy sector to switch from oil to gas. This drove the price of oil downward drastically and broke the cartel's hold on our energy. If they did anything, the increased interest rates prolonged the inflationary period because the higher rates were built into any major business model at the time, presenting a flywheel of higher prices to perpetuate the exact problem it was meant to fix.

On top of this higher cost dynamic for business, the higher rates paid on Treasury bonds injected federal money into the economy without any corresponding increase in output or productivity, which is a textbook cause for inflation. Repeating this failure shows that the Fed is either clueless about the real cause of inflation or it has been captured by the very forces it is designed to regulate, and is, in fact, a political entity.