Word: volckerism
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Dates: during 1980-1989
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...looks as if Volcker will remain Federal Reserve Chairman...
...quiet jockeying for position in the race for new chairman of the Federal Reserve is getting a little more noisy and a little less crowded. The White House has finally begun to consider seriously the question of a successor to Chairman Paul A. Volcker, 55, whose four-year term expires in August. And while no final decision was made last week, Volcker became the odds-on favorite to succeed himself. The only other serious contender is Alan Greenspan, 57, a frequent adviser to the Reagan White House and once Gerald Ford's chief economist. Others who were candidates...
...Brazil has been wobbling beneath a crushing load of foreign debt. But unlike Mexico, Brazil is increasingly unable to repay its loans, which total some $84 billion. The threat of a Brazilian default on that debt is sending jitters through world financial markets. Last week Federal Reserve Chairman Paul Volcker called together the top executives of New York City's six largest banks, which have loaned Brazil at least $12.7 billion, to review the deteriorating situation. The moneymen at the meeting agreed that the South American country will probably need loans worth at least an additional $2.5 billion...
...Board policies concerned TIME'S economists. While parts of the money supply have bulged far beyond Federal Reserve targets in recent weeks, the TIME board attributed that mainly to the shifting of consumer funds among different types of bank accounts. Some members feared that Federal Reserve Chairman Paul Volcker would look at the increase in some money-supply figures and decide to tighten credit again. Said Heller: "If Volcker forgets that it is not just our recovery that is at issue, but the fate of the debt-ridden countries and the European recovery, then we are in trouble...
...part, an attempt to shift the blame for his problems to the system of floating exchange rates. But while Mitterrand's concerns about unstable currencies may be somewhat self-serving, they are shared by a growing number of prominent people. In recent weeks, Federal Reserve Board Chairman Paul Volcker, Investment Banker Felix Rohatyn and former West German Chancellor Helmut Schmidt have all talked of the need to dampen the swings in currency values. Former Secretary of State Henry Kissinger, like Mitterrand, has called for a summit meeting to revamp the monetary system...