Word: delphicly
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Dates: during 1970-1979
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Testifying before the congressional Joint Economic Committee, Burns was wreathed in his customary cloud of pipe smoke, but seemed somewhat less Delphic than usual. He pledged that the Federal Reserve would provide enough money and credit for "healthy economic expansion," but added that the board was already being "quite generous" in supplying funds. "The banks are flooded with money," he said. "What we have is not a shortage of money but a shortage of confidence [among borrowers]." Expanding the money supply at an annual rate above 5% to 6% for any long period, Burns said, intensifies inflationary pressures. Last year...
...money supply. In his speech to the National Association of Manufacturers three weeks ago, the President said that Burns had given him a "commitment" that the Federal Reserve Board would "provide fully for the increasing monetary needs of an expanding economy." The following week. Burns, in a typically Delphic passage in a speech, left policywatchers guessing as to whether any such deal had been struck. Most common guess: no. Besides, Burns is only primus inter pares on the Reserve's twelve-man Open Market Committee, which regulates the money flow. A number of anti-inflation hawks on the committee...