Word: volckerism
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...Paul Volcker put the finishing touches last week on his final report on the U.N.'s role in the oil-for-food scandal, investigators continue to uncover details about Kojo Annan's links with Cotecna, the company at the center of the influence-peddling inquiry. In late 1998, U.N. sources say, Kojo, son of U.N. Secretary-General Kofi Annan, got a $3,000 loan from a friend for a down payment on a sporty green Mercedes ML 320 in Geneva, Switzerland. The friend was Michael Wilson, then a vice president of Cotecna, the firm that not only employed Kojo...
...Volcker's Federal Reserve Board has been able to allow low interest rates to work their magic because inflation remains only a distant threat. In fact, the Labor Department announced last week that wholesale prices actually deflated in February, falling by 1.6% from January, the biggest one-month drop since record keeping began in 1947. The Consumer Price Index, which peaked at a raging 13.3% in 1979, increased only 3.8% last year. Moreover, the expected increase in U.S. economic activity, which ordinarily might send wages and prices sharply higher, is unlikely to do so this time, because factories have plenty...
...Volcker, who had to push up interest rates in 1980 to conquer inflation, has reason to remain vigilant. One threat that could fuel new inflation is the falling value of the dollar, which pushes up the prices of America's imports. German automakers, for example, are increasing their prices by as much as 6% to offset the dollar's decline...
...would succeed A.W. Clausen, the former BankAmerica chairman, as president of the World Bank when his five-year term expired on June 30? For months, Federal Reserve Board Chairman Paul Volcker was touted for the job, as was Labor Secretary William Brock. Last week the guessing game finally ended as the Reagan Administration named Barber Conable, 63, a highly regarded former Republican Congressman from New York, as its candidate to head the international development institution...
Imagine a financial scandal that forces the resignation of Federal Reserve Chairman Paul Volcker along with those of the heads of Citibank, Bank of America, Manufacturers Hanover Trust, Chase Manhattan and the First National Bank of Chicago. Such a massacre of top moneymen might seem farfetched in the U.S., but something very much like it is now going on in Israel...