Word: volckerism
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Washington's top moneymen seemed to disagree last week about the best course for the dollar. Treasury Secretary James Baker told Congress that the Reagan Administration "would not be displeased" with further declines, provided that they were "orderly." But Federal Reserve Chairman Paul Volcker testified that the currency has already "fallen enough." Added Volcker: "I don't want to see a loss of confidence in the dollar...
Uncertainty about when the deficit will be reduced poses a serious dilemma for Federal Reserve Chairman Paul Volcker. If he assumes that the deficit cuts will come soon, the Federal Reserve is likely to loosen credit in $ advance to prevent a drop in federal spending from slowing down the economy. But if Volcker boosts the money supply and no budget cuts are made, the economy could become overstimulated and vulnerable to increased inflation...
...growth of debt to finance mergers, takeovers and other moves is perhaps the most dangerous side of the recent rush to consolidate. Federal Reserve Chairman Paul Volcker has warned that the borrowing is not "compatible over time with economic and financial stability." Warren Buffett, an investor with large holdings in Capital Cities and other firms, is blunt: "One day junk bonds will live up to their name." Many economists and businessmen believe that the U.S. cannot have a strong economy if it is based on companies burdened by too much debt...
...here. I'm staying," said Paul Volcker last week to a relieved audience of international bankers. With those unequivocal words, the Federal Reserve chairman squelched rumors that he would leave his post to assume the presidency of the World Bank, which will become vacant when A.W. Clausen steps down next year. At a Washington conference sponsored by the American Stock Exchange, Volcker admitted that "the question arose" of his taking the World Bank job, but added, "My answer was no." Federal Reserve officials confirmed that the Administration had formally asked the chairman to replace Clausen...
...Volcker's rejection of the job was the latest sign of his staunch independence of the White House. Time and again he has refused to bow to Administration complaints that the Federal Reserve should ease monetary policy and reduce interest rates. Some political experts think the World Bank offer was a White House ploy to move Volcker aside before the 1986 congressional elections, but the chairman's turndown is a strong indication that he intends to head the Federal Reserve until his term ends...