Word: volckerism
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...litmus of uneasy times, tumbled a sharp $30.10 on the New York Commodity Exchange last Monday, then continued falling another $19.80 to close the week at $501.70, its lowest level in nine months. One factor in gold's slide was the remarks made by Federal Reserve Chairman Paul Volcker and President Reagan two weeks ago concerning a possible sharp drop in prices for the metal...
...Federal Reserve Board, which sometimes acts with the independence of a foreign government when it comes to controlling the money supply, a key item on Reagan's economic agenda. He crossed the street from the White House to the Treasury Building to meet Fed Chairman Paul Volcker, a Carter appointee whose term does not expire until August 1983. Also in attendance were Treasury Secretary Donald Regan, Weidenbaum and top White House aides. Reagan mntioned that he had recently read "a prediction that the price of gold was going to nosedive." Replied Volcker: "I would love to see that...
Gloomy talk rang through Washington too. Federal Reserve Chairman Paul Volcker, an independent power whose cooperation on economic strategy Reagan will need, warned the Senate Banking Committee that he intends to keep the nation's money supply growing slowly as an anti-inflationary measure, even if that policy prevents interest rates from coming down to a more tolerable level. Donald T. Regan, the President-elect's choice for Secretary of the Treasury, asserted at his confirmation hearings that "interest rates, inflation rates and unemployment rates are all expected to remain at high levels throughout...
...response, Monetarist Sprinkel argued that the Federal Reserve has not really been sticking to its tight money policy at all. In Sprinkel's view, Volcker "aborted the recession last spring" by injecting money rapidly back into the economy to ease the downturn during an election year. Said Sprinkel: "I have been watching the Fed since Harry Truman's days, and though Presidents have no direct control over the Fed, the White House does have all sorts of subtle influences to help it get the sort of monetary policy it wants...
Democrat Heller cautioned, however, that Volcker is not likely to repeat his move of last spring and begin excessively increasing the money supply a second time if the economy starts to falter. Said Heller: "Volcker has had a burning experience, and he is now being driven almost by a sense of inner guilt. He eased up too much too soon, and he knows it. Now Volcker may be overcompensating...