Word: approachers
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Dates: during 1970-1979
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...Volcker's approach, however, finance men and bankers now saw not just another quick fix but a direct assault on inflation itself. Said West German Finance Minister Hans Matthöfer: "The package goes straight to the heart of the problem." Brussels Banker Roland Leuschel expressed a conviction shared by almost all European moneymen: "Throttling back on the money supply itself will be much more effective than raising interest rates in the fight against inflation. Paul Volcker is attacking inflation at its source...
DAVID GROVE: "I applaud," says Grove, a private consultant and senior economic adviser to Marine Midland Bank. "A slow and gradual approach to curbing inflation would not be very effective. I prefer a quick and dirty approach, and the Fed's actions are very much along that line. They will give the domestic public and foreigners the sense that we really are going to come to grips with inflation." Grove concedes that a dramatic and determined" credit squeeze would depress business activity and push up the unemployment rate. He also thinks the stock market had good reason to flop...
ROBERT TRIFFIN: "Controlling the money supply is the best way to fight a recession," says this international money expert. "Certainly, initially, if we are to brake inflation, there will be some difficult periods to go through. The sooner, the faster we do it, the less gradual approach we adopt, the better chance we have to succeed, to turn the corner. I am very encouraged that part of Volcker's approach is an attempt to deal also with the problems posed by the Eurocurrency market. He emphasized more than before the rate of money supply growth on this market, rather...
MURRAY WEIDENBAUM: "I really don't have any criticism of Volcker's approach," says this visiting scholar at the conservative American Enterprise Institute. "The Fed, by and large, is the economic bastion of strength and savvy in Washington." Up to now, he says, the Federal Reserve has been following a policy of "expensive easy credit," meaning high interest rates, but free availability of funds; direct control of the money supply, he asserts, is preferable. But Weidenbaum cautions that there is "no guarantee" the new policy can bring down inflation, while in his mind it produces "more certainty...
...government official warned that some big-bank failures may lie ahead, partly as a result of the Federal Reserve's actions. See story on page 3. For an explanation of the Fed's new approach to monetary policy, see page 7. In St. Louis, officers of the Federal Reserve Bank there were pleased because they had long advocated such a move. See story on page 6. In the nation's money markets, large certificates of deposit and other short-term instruments quickly matched the one-point rise in the discount rate. See story on page 2. Foreign...