Word: volckerism
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Dates: during 1970-1979
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...Arthur Burns told other central bankers that the board would let U.S. short-term interest rates rise-a move that should help stanch the flow of dollars abroad in search of a higher return. Then, at midweek, Connally declared in Manhattan that he was dispatching Treasury Under Secretary Paul Volcker to confer with foreign officials about first steps toward long-run monetary reform...
...world's principal trading and reserve currency. The new substitute will probably be a vastly increased supply of IMF Special Drawing Rights. This historic switch will reduce the political-economic power of the U.S. by making it tougher for it to finance military operations and factory building abroad. Volcker's first job will only be to talk about the proper forum for negotiations. Connally has had enough of the European-dominated Group of Ten rich industrial nations, with which he has had four abrasive meetings. He seems to be thinking of a group of 20 countries that would...
...taken to playing on Canadian fears of congressional retaliation, possibly by a reimposition of the 7% excise tax on Canadian-made cars-although things are not likely to come to that for some time. "There are elements in this country which are protectionist by nature," Treasury Under Secretary Paul Volcker warned a group of Canadian and American businessmen last week in Washington. Canadian Trade Minister Jean-Luc Pépin complains that the U.S. is a hard nation to bargain with. As he told TIME'S Lansing Lamont: "We speak with one voice, but not the U.S. The American...
Connally, vacationing in Texas, was brought winging back by a telephone call on Aug. 13 from Under Secretary for Monetary Affairs Paul A. Volcker. Volcker told Connally that more than a billion dollars had shifted on the European monetary markets the day before, another $500 million in the morning. "It's a Friday and it ought to be a calmer day," advised the worried Volcker. The Bank of England was pressing for a guarantee that some $3 billion that was held in reserve would not be devalued. A panic seemed possible. "I'd better get up there," said Connally...
Reparations Argument. The mood in Europe also grew darker. It was not helped by a parade abroad of official American flag wavers, who have tried to hard sell the U.S. program in rather unconciliatory terms. Paul Volcker, Under Secretary of the Treasury, irritated the French by telling them that Nixon, for political reasons, will be unable to devalue the dollar. In Brussels and Paris, U.S. ambassadors and their aides summoned groups of resident U.S. businessmen to advise them that foreign governments actually approved of the Nixon program and that the U.S. position should be, "We don't apologize...