Word: volckerism
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...growing. The country must either sell more surplus gold to pay for imports or reduce them and invite domestic inflation. Some European bankers have been urging the U.S. to relax its opposition to South African gold sales for official reserves. Washington has rebuffed that idea, but last week Paul Volcker, Treasury Under Secretary for Monetary Affairs, suggested that if South African trade deficits grow to worrisome proportions, the country might instead sell some gold to the International Monetary Fund. After all, the IMF's main mission is to promote stability in the international monetary system. By allowing South Africa...
Treasury Under Secretary Paul Volcker last week called the deficit "one cost" of inflation, which raises U.S. export prices and sucks in low-priced imports. To control inflation sufficiently to restore a trade surplus, he added, will take "years rather than months...
...accompanied by Paul Volcker, Under Secretary for Monetary Affairs, and Herbert Stein, member of the Council of Economic Advisers...
...determination to handle its No. 1 economic problem: inflation. The Americans did not disappoint them. "If we have one objective, it is to try to cool the overheated economic situation," said Paul McCracken, chairman of the President's Council of Economic Advisers. The main priority, observed Paul A. Volcker, the Treasury's new Under Secretary for Monetary Affairs, "is to regain control over inflation." Under Secretary of State Elliot Richardson added that "we intend to intensify our efforts to restore price stability and go about it promptly...
Four University students have received Rotary Foundation Fellowships for Advanced study abroad next year. They are Stephen P. Clement '51, Mackey Emmert 2B, Lewis Hertzman 2G, and Paul A. Volcker...