Paul Krugman doesn't see a return of 1970s inflation

Inflation expectations, it took them a long time to become unanchored in the past. It took not just excessively expansionary policy under Lyndon Johnson, it took two oil shocks that sent inflation temporarily into double digits. It took seriously, seriously irresponsible monetary policy under Arthur Burns. It took a long time to get us to where we were in 1980. It took really more than a decade of screwing things up year after year to get to that past, and I don't think we're going to do that again.

~ Paul Krugman, "Krugman Doesn't See Return of 1970's Inflation," Bloomberg interview, March 19, 2021