Word: enough
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Dates: during 1970-1979
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While Volcker's retooling of Fed policy may lead to surer control of the money supply, critics are worried that the steps he has taken to limit the inflationary flow of Eurodollars into the economy do not go far enough. In London, Geneva and other offshore finance centers, no sooner were the Fed's money-tightening moves announced than finance men began huddling with their lawyers, looking for ways to circumvent the new rules. Reports TIME'S European economic correspondent Friedel Ungeheuer from Brussels: "The game of the week is finding loopholes in the Fed's effort to keep Eurodollars...
...money supply by juggling interest rates Reason: in a slowdown, demand for money necessarily eases off at least somewhat and interest rates subside. But to keep those rates stable, the Fed would wind up slowing and slowing the growth of money until suddenly it would be creating nowhere near enough new money...
...argues that its new system will enable it to keep a day-to-day eye on what really matters?the money supply?and to feed just enough new cash and credit into the economy to prevent a crunch. Yet something very much like a credit crunch may be the only thing that can break the nation's addiction to easy money. The inflation psychology of spending to beat price rises is becoming a part of the national psyche...
Under the best of circumstances, the exchange floor contains the makings of enough ulcers and coronaries to fill a good-sized hospital. By noon Wednesday, the circumstances were close to the worst ever. "Better get down here," one broker telephoned a friend. "We're going to break some records today...
...That's the way it always is." As prices inevitably rise, says Charles Lehing, senior vice president of New York's Chemical Bank, the people who will have the most trouble will be those on fixed incomes. Adds Lehing: "Most of these people don't have enough disposable income to become eligible to borrow, and the costs of their necessities will go up. It gets pretty rough. " But bankers also generally agree with Roderick M. MacDougall, chairman of New England Merchants National Bank in Boston: "The consumer is going to be badly hurt by these developments...