Commentary In late 1979, then-Federal Reserve Chairman Paul Volcker announced a bold plan to get rid of the high inflation that had plagued the U.S. economy for much of the 1970s—by eventually raising interest rates to 20 percent. The move sent the U.S. economy spiraling to a severe recession for the subsequent few years, but eventually paved the way for a decade of economic recovery and growth. This move was coined the “Volcker moment” years later by economist Mohamed El-Erian. Is China embarking on its own “Volcker moment?” That’s the thesis of Japanese investment bank Nomura’s chief China economist Ting Lu as he describes what’s happening in China’s red-hot property market. It’s not a perfect analogy but there are some parallels. Beijing’s current goal is not to stop inflation but to halt a decade of rampant real estate speculation and debt expansion. “[China] has attached national strategic importance to rein …