Word: volckerism
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...Volcker made his name in the public sector while serving as President Richard Nixon's under secretary of the Treasury for monetary affairs. In an effort to rescue the lagging dollar and rebuild the troubled international finance system, Volcker engaged in his own version of shuttle diplomacy. He traveled to international banking capitals and met with foreign finance leaders, ultimately restructuring the international debt...
Later, when Carter promoted Volcker from his subsequent position as president of New York's Federal Reserve Bank, a higher challenge beckoned. Carter gave the banker an urgent mandate to end the inflation that was ravaging the economy--and the president's political future along with...
...firm believer in monetary solutions. Volcker responded by shrinking the money supply. His policy pushed up interest rates and caused additional economic dislocations...
...president called for independent credit controls and urged a relaxation of the Fed's monetary grip; embattled on all sides, Volcker obliged, and inflation jumped to new heights...
Campaigning for the presidency in 1980, Reagan supported a return to Volcker's anti-inflationary policy. During the mid-term elections of 1982, when the side effects of the Fed's draconian measures were most pronounced, Reagan's motto was "Stay the Course...