Word: volckerism
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Dates: during 1980-1989
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...before the formal meeting, delegates from the Group of Seven major industrial nations -- the U.S., Japan, West Germany, France, Britain, Italy and Canada -- huddled behind closed doors at the U.S. Treasury to discuss the uncertain situation. At their gathering, Federal Reserve Chairman Paul Volcker undoubtedly emphasized the same understated point he had made to a Senate committee earlier in the week, when he said, "Further sizable depreciation of the dollar could well be counterproductive." The ministers emerged wearily after nightfall with a three-paragraph statement. Its thrust was a reaffirmation of a declaration made by virtually the same group last...
...Volcker. Tell us that the reports we've been reading -- that you have stopped smoking cigars -- aren't true. How will unimaginative journalists be able to describe you if they can't write, "Paul Volcker, the towering 6-ft. 7-in., cigar-smoking chairman of the Federal Reserve Board" ? How will you blow enough smoke to shroud your policies in secrecy? How do we know that going cold turkey won't make you irritable and prone to raising interest rates? Sure, we realize that it will be good for your health to give up those 28-cent Antonio y Cleopatra...
Pressing the American case at the G-7 meeting were Treasury Secretary James Baker and Federal Reserve Board Chairman Paul Volcker. Before leaving for Paris, Volcker told the Senate Banking Committee he hoped the session would "give a little more impetus" to efforts to stabilize the currency markets. But, he later added, "I wouldn't say this meeting itself will...
...Volcker argued that the dollar has already fallen far enough. While its decline promises to help narrow the trade deficit, a continued plunge could send import prices surging and spark increased inflation. That is one threat the Fed chairman cannot afford to underestimate...
...that malaise. As the dollar falls and import prices rise, U.S. inflation could be rekindled. That in turn could lead to an increase in U.S. interest rates, which would hardly stimulate the economy and might blight the stock market's further advance. As if to underline that possibility, Volcker warned that it was "not sensible" to expect the dollar's plunge alone to cure the U.S. trade problem. After weeks of Wall Street euphoria in which the dollar's fall hardly seemed to matter, it appeared that even the stock-market bulls might be getting a case of the jitters...