Fifty years ago, President Richard Nixon’s administration began a futile attempt to fight inflation. The specifics surrounding its efforts are being eerily repeated today. Consumers and policymakers should be concerned.

Secretly recorded Nixon tapes from 1971 to 1973 provide unique insights into how the president pressured Federal Reserve Chairman Arthur Burns into conducting the monetary policy the president desired. Secret recordings aren’t needed to know what Jerome Powell, today’s Fed chairman, has in mind. His views are quite public.