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Hours before the Federal Reserve raised rates by 25 basis points on 16 September, Iran's Parliament Speaker Mohammad Bagher Ghalibaf posted a rewritten version of the Taylor Rule, the formula central banks use to set interest rates, adding new terms for the Strait of Hormuz and Bab el-Mandeb. His argument: you can hike rates all you want, but you can't reopen a chokepoint or produce a barrel of oil. It's a sharp piece of commentary built on a real, decades-old debate in monetary economics, one the world already learned the hard way once, in the 1970s. Watch #Economix with ThePrint Consulting Editor (Economics) Bidisha Bhattacharya --------------------------------------------------------------------------------------------- Exclusive content, special privileges & more – Subscribe to ThePrint for Special benefits: https://tinyurl.com/4ymm9wh5 --------------------------------------------------------------------------------------------- Connect with ThePrint » Subscribe to ThePrint: https://tinyurl.com/4ymm9wh5 » Subscribe to our YouTube Channel: https://bit.ly/3nCMpht » Like us on Facebook: https://www.facebook.com/theprintindia » Tweet us on Twitter: https://twitter.com/theprintindia » Follow us on Instagram: https://www.instagram.com/theprintindia » Find us on LinkedIn : https://www.linkedin.com/company/theprint » Subscribe to ThePrint on Telegram: https://t.me/ThePrintIndia » Find us on Spotify: https://spoti.fi/2NMVlnB » Find us on Apple Podcasts: https://apple.co/3pEOta8