Word: volckerism
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...economy fares during the coming year will depend in large part on the actions of the Federal Reserve. Faced with problems ranging from a sagging recovery last fall to an Ohio banking crisis in March, Fed Chairman Paul Volcker has been allowing the money supply to grow more rapidly to keep credit affordable. With inflation still in check, the central bank will be tempted to continue its looser-money policy. "Right now the economy's giving off a mixed picture," says Manuel Johnson, Assistant Treasury Secretary for Economic Policy. "But if we can be sure that monetary policy...
Foreign-exchange traders were also responding last week to congressional testimony by Federal Reserve Board Chairman Paul Volcker. He announced that Fed policy will continue to be "accommodative," allowing the money supply to grow. That could translate, traders calculated, into still lower interest rates, which would make it less attractive for foreign investors to hold dollars. Volcker insists, though, that he is "not interested in jumping on a decline of the dollar and pushing it lower." He maintains that the answer to the problem of the overvalued dollar is a reduction in the budget deficit. As Volcker pointed...
...company had employed Kojo Annan, the son of U.N. Secretary-General Kofi Annan, and raised questions about possible conflicts of interest, which the U.N. denied. The scandal grew when evidence emerged that Saddam Hussein had skimmed some $2 billion from the $65 billion program. Last April Annan asked Paul Volcker, a former chairman of the Federal Reserve, to investigate those issues. In February his panel released its first report, accusing the head of the oil-for-food program of "grave conflict of interest" for steering lucrative oil contracts to friends and accepting cash payments. Volcker's second report, issued last...
Next steps Kojo Annan stopped cooperating with the inquiry last October, but Volcker is still probing his dealings. A third report covering that and broader questions of U.N. culpability in Saddam's vast rip-off is due in June. But sources tell TIME that the reports on U.N. mismanagement are already damning enough for longtime U.N. critic Henry Hyde: the Republican Congressman is drafting a bill to make U.S. financial contributions contingent on sweeping U.N. reforms...
...little and consumes too much. We are mortgaging our future, consuming our seed corn. If foreigners stop buying our debt, the dollar will collapse and interest rates soar. The only direction for the dollar is down, and so on. It was reported that former Federal Reserve Chairman Paul Volcker puts the chances of a financial crisis at 75% over the next few years...