[dragonwriter]

> There seems to be a widely accepted and unchallenged consensus that political power is unable to address inflation.

Political power can address inflation, and it can mitigate the effects of inflation on the less well off. These are, however, often opposed goals.

E.g., massive taxes on the working class with no added spending would kill demand-driven inflation, but also make the non-rich worse off.

OTOH, downward redistribution by spending (possibly coupled with high end taxes) would mitigate the low-end effects of inflation, but increase the magnitude of conaumer price inflation.

> In 1971 Nixon froze prices and wages by executive orde

Price controls create black markets, but usually do not control effective prices.