Word: volckerism
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Dates: during 1970-1979
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...dollars last week. By happenstance, as the buck was worrying down again, central bankers, finance ministers and some 6,000 other leading moneymen were gathering in Belgrade, Yugoslavia, for the annual meeting of the 138-nation International Monetary Fund. Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker had hardly arrived when they were besieged with calls for U.S. action to stem the panic...
...Volcker promptly returned to Washington to draft plans for what could be the second massive dollar-rescue program the U.S. has had to mount in eleven months. Among the steps under discussion...
...length and depth of this slump will be largely determined by monetary policy. In the eight weeks since Paul Volcker took over as Federal Reserve chairman, businessmen's basic cost of borrowing money has jumped from 11.75% to 13.5%, the highest in history. Most board members hold that the increases will soon stop but interest rates will remain steep over the next year. Some fear that the Fed may worsen the recession by inducing a classic credit crunch, in which little money is available for borrowing to finance new plants and create jobs...
...even the populist Carter Administration has backed Volcker's high-interest policy. Yet banks have had plenty of money to lend anyway-perhaps too much. In the past month, the money supply has grown at an annual rate of 11.5%. Beryl Sprinkel, executive vice president of Chicago's Harris Bank, argues that this "hemorrhaging" must be stanched if inflation is ever to be curbed...
...discount rate increase prompted a rare rebellion among its seven governors. Three of them opposed the move, saying it would seriously worsen the slowdown in the economy. There are signs that the recession will be deeper and longer than was predicted only three months ago. So some economists dispute Volcker's assertion that "what basically is good for the dollar is good for the economy at home." They are fearful that in his zeal to raise interest rates to buttress the buck abroad, he will worsen the Interest rates have been rising through the industrialized world since July...