Word: volckerism
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...While Volcker's retooling of Fed policy may lead to surer control of the money supply, critics are worried that the steps he has taken to limit the inflationary flow of Eurodollars into the economy do not go far enough. In London, Geneva and other offshore finance centers, no sooner were the Fed's money-tightening moves announced than finance men began huddling with their lawyers, looking for ways to circumvent the new rules. Reports TIME'S European economic correspondent Friedel Ungeheuer from Brussels: "The game of the week is finding loopholes in the Fed's effort to keep Eurodollars...
Shucking academe for the real thing, Volcker signed on as an economist with the New York branch of the Federal Reserve. After five years, Volcker jumped into private enterprise at the Chase Manhattan Bank. Five more years and he became chief financial analyst at the U.S. Treasury in Washington, D.C., a remarkable achievement...
...dazzling promotions continued. Volcker rose to Deputy Under Secretary for Monetary Affairs, took time out for four years as a Chase vice president, then neared the summit of global finance when President Richard Nixon brought him back to Treasury to defend the dollar against attacks from abroad. Volcker did all he could, at one point flying 31,000 miles in five days. But the pressure on the dollar was too great: twice Volcker had to preside over the humiliation of the dollar being devalued...
...experience strengthened his view that the Federal Reserve had to take strong action to fight inflation and thus defend the dollar overseas. For a year, Volcker was a senior fellow at Princeton, but in 1975 he returned to the New York Fed as its president. In the past year Volcker voted at Federal Reserve meetings for tighter money and was consistently outvoted by his colleagues. Then he got the top job and, with the economy in dire trouble, finally won unanimous support for the measures that caused last week's furor...
...personal life as well as his public decisions, Volcker is a slow man with a buck. Instead of flying a regularly scheduled airline and getting a first-class seat so he can stretch his long legs, Volcker doggedly queues up to ride the cramped shuttle flight between Washington and New York, where his wife, who suffers from arthritis, still lives. A month ago, when the dollar was under attack, Volcker found himself marooned for six hours at New York's La Guardia Airport waiting for a place on the shuttle. Says one aide with a grin: "Perhaps...