Word: volckerism
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
March 13: Treasury Secretary Miller announces that the February inflation rate pushed the annual rate over 20 per cent. Federal Reserve Chairman Volcker in response raises the prime rate to a record 19 per cent. President Carter during a nationally televised address calls inflation the moral equivalent of the energy crisis; asks American to burn money...
...year of indecision and frustration. Inflation galloped to an annual rate of 13% and stayed there, all but impervious to attacks by the Carter Administration. The burden of containing inflation eventually fell on the shoulders of new Federal Reserve Chairman Paul Volcker. His tough fiscal measures, including higher interest rates and a clampdown on the money supply, do promise to restrain price boosts?but only after a distressing time lag, and at the cost of making more severe a recession that the U.S. seemed headed for anyway...
Many of the themes of the decade were woven around the idea of diminution, of things running out. Paul Volcker, head of the Federal Reserve Board, said last fall it was his view that the American standard of living would have to decline-a serious crack in traditional capitalist optimism. The '70s reverberated with dark prophecies. In 1972 the Club of Rome proclaimed "the limits to growth." Economist Robert Heilbroner preached the Hobbesian nightmare, hell on earth as resources vanish and social systems deteriorate. Another economist, Harvard's Wassily Leontief, gave the world only 20 years...
...banks remain in the system, in the past 4½ years some 300 have left it. Most have been small banks, but there have been some big defectors too, among them Pennsylvania's National Central Bank, which has deposits of $1.5 billion. Federal Reserve Chairman Paul Volcker calls the trend "serious and insidious...
...chance. Carter first would need congressional authority and, as the debate raged on Capitol Hill, businessmen would rush to raise prices to get in under the wire. Further, board members argued, controls would not affect three major sources of price increases: OPEC; Federal Reserve Chairman Paul Volcker, who does so much to set interest rates; and God, who creates the weather that determines the size of harvests...