Word: volckerism
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Dates: during 1970-1979
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...Paul A. Volcker, 51, president of the Federal Reserve Bank of New York, to replace newly nominated Treasury Secretary G. William Miller as chairman of the Federal Reserve Board. Volcker, in Carter's words, "has broad economic and financial experience and enjoys an outstanding international reputation." The appointment was expected to calm the anxieties of many foreign financial figures about the future of the dollar (last week, however, the price of gold reached another record high: $307 an ounce...
Despite his brobdingnagian frame (6 ft. 7 in., 240 lbs.), his ever present cigar and his gravelly bass voice, Paul Volcker is a man who likes to keep a low profile, to perform his financial wizardry as a bureaucratic technician rather than as a public figure. But such behind-the-scenes machinations have their frustrations. One night, after an International Monetary Fund meeting in Copenhagen, Volcker was so exasperated with his colleagues that he strode down to the Tivoli Gardens and proceeded to throw wooden balls in a booth full of china plates until he had smashed away his tension...
Harvard economists contacted yesterday said the appointment of Paul A. Volcker to head the Federal Reserve Board would lead to a more conservative U.S. monetary policy...
...Volcker, nominated by President Carter on Wednesday, is known as a believer in "sound money," and as a fiscal conservative who would probably accept temporary increases in the numbers of unemployed if he could decrease the rate of inflation, Warren Law, Converse Professor of Finance and Banking, said yesterday...
Business and banking leaders in the United States and in Europe greeted Volcker's nomination enthusiastically, praising Carter's choice of a conservative as an important move toward restoring world confidence in the dollar and checking inflation...