Word: volckerism
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...figure loomed larger over the world economy in 1982 than that of the 6-ft. 7-in. cigar-smoking chairman of the U.S. Federal Reserve Board, Paul A. Volcker. It was he who fought unflinchingly to bring down the U.S. consumer price spiral, but in the process he helped drive interest rates and unemployment up throughout the industrialized societies. In the U.S., his policies surprised skeptics by limiting the rise in the nation's consumer price index to roughly 5% in 1982, but his policies also helped push unemployment stunningly into double digits. By year's end joblessness was closing...
Although the Reagan Administration has been vocally committed to bringing inflation under control, waging this fight has fallen pretty much to Volcker, a 1979 appointee of Jimmy Carter's. Often erroneously characterized as a "tight money" policy, Volckernomics amounted to an ongoing effort by the Fed to slow the rate of growth of the nation's money supply, thereby choking off inflation at its monetary source...
...economic slump that began in 1981 deepened during 1982, Volcker had to perform a delicate balancing act. The problem became how to ease up on the money supply, which the Federal Reserve had targeted to grow at a rate of about 2 ½% to 5½% during 1982, without frightening investors into thinking that the central bank was repeating an old mistake and reinflating the economy in response to political pressure...
...desperate bankers finally turned to Federal Reserve Board Chairman Paul Volcker on Dec. 7, a day before he was scheduled to meet in Germany with the central bank chiefs of Britain, West Germany, France and Japan...
...puddle but business boomed for a growing list of high-tech games and products for computer-crazed consumers. It was, in short, a year of mind-boggling contrasts. More than anything else, 1982 was the year when the three-year-old inflation-fighting policy of Federal Reserve Chairman Paul Volcker, the nation's top central banker, finally paid off, but only while exacting a painful economic toll in the process...