Word: volckerism
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...direction of interest rates will depend in large part on the monetary policies pursued by Chairman Paul Volcker and his six colleagues on the Federal Reserve Board. As always, they will try to strike a balance between promoting growth and keeping inflation from accelerating. Many economists are confident that Volcker will let interest rates continue to fall if the economy shows further signs of slipping into a downturn...
...Volcker will have the leeway to drop rates if inflation stays moderate, which seems likely. In addition to falling oil prices, another encouraging sign is the restraint shown this year by labor unions. The United Mine Workers agreed to a 12% wage and benefit increase over 40 months, far less than the 37.5% hike they reaped from their previous contract. Bernstein's Levine predicts that the consumer price index will climb only 3.2% in 1985, after a 3.9% increase this year...
...free market at work, then economists could predict the future with a high degree of accuracy. But with the Federal Government's increasing influence in the private sector, the economist finds himself in the role of the middle linebacker trying to guess which play the quarterback (Paul Volcker) is going to run next. Under these conditions, 50% accuracy...
Similar concessions had been urged for months by Federal Reserve Chairman Paul Volcker and International Monetary Fund officials as a means of aiding Latin Citibank's Rhodes countries like Mexico that have tried to solve their economic problems. If the Mexican plan proves successful, the next debtor to receive easier terms could be the region's biggest borrower, Brazil, which owes nearly $100 billion...
...time. Now, if you are in the minority, that is when you can put out a lot of newsletters and say "I'm for lower taxes" and "I'm not going to worry about spending or the deficit" and "We're going to bash Paul Volcker [chairman of the Federal Reserve] and get interest rates down...