Word: mcchesney
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Strictly speaking, the Federal Reserve's action is less a shift in policy than a change in procedure. Successive Fed chairmen, beginning with William McChesney Martin in 1951, have remained committed to holding down inflation by preventing the rapid growth of money and credit. But the economy of the 1970s has grown so bloated and distorted with spiraling prices that the traditional techniques of money management have become increasingly useless and even counterproductive. Indeed, at certain critical moments, well-intentioned efforts by the Fed either to tighten up or to relax the reins on monetary growth have boomeranged. The result...
...National Bank, quotes from the Book of Job: "I have made gold my hope or have said to the fine gold, Thou art my confidence." Some leading Americans are even beginning to challenge Carter's policy of selling off the U.S. gold reserve. Former Federal Reserve Chairman William McChesney Martin says that if he were still in office, the U.S. would sell gold only "over my dead body...
...down because exchange rates could be changed only abruptly, sharply and in a crisis atmosphere. Yet now with floating rates, the world endures a permanent crisis and fundamental economic instability, as currencies gyrate madly in response to today's headline or rumor. Says former Federal Reserve Chairman William McChesney Martin: "The floating-rate system is not serving the world well, buffeted as it is by structural imbalance, inflation, widespread lack of confidence and, as a result, excessive fluctuations in exchange rates...
...these difficult times, the prime policy requisites are steadiness and sensible coordination of policies among the Federal Reserve, the White House and Congress. Miller has made a promising start at both, but the complexities facing him in keeping it up are formidable. Says William McChesney Martin, a revered former Fed chairman: "He is like a golfer who has made four birdies in a row, but there are some more holes to play. He has a tough job ahead." Fortunately, he is tackling it in a spirit of optimism. A pessimist would be whipped before he began...
...board in Washington is the final authority. A succession of forceful chairmen-Marriner Eccles (1936-48), William McChesney Martin (1951-70), Arthur Burns (1970-78) and now Miller-have caused the other governors to fade into public obscurity, but they still have influence. Next to Miller on the current board, J. (for John) Charles Partee, a former head of the Fed staff and wise student of the economy, has the most clout. Henry Wallich, a former Yale professor, is the board's contact man with foreign central banks. A refugee from Germany, he lived through insane inflation there...