Word: wallich
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...York Representative Jack Kemp sounded a very different note, insisting that deficit reduction should take second place to economic growth. Said Kemp: "We have a central bank that believes that too much economic growth causes inflation." The Canadians heard a rebuttal from Federal Reserve Board Governor Henry Wallich, who warned that economic growth of more than 4% would be inflationary...
Government officials dismissed that gloomy talk. Said Federal Reserve Board Governor Henry Wallich: "I wouldn't take a month or two as an indication of where we're going." Assistant Treasury Secretary Manuel Johnson pointed out that corporate profits are robust, personal income is rising and inflation is moderate. Said he: "I expect the drop in production to be a temporary phenomenon...
...have suffered the consequences of such runaway prices. That kind of inflation usually tears apart the very fabric of a nation. When its currency no longer has any meaning, a country often loses its sense of values. Saving and planning for the future seem foolish; speculators prosper. Says Henry Wallich, a governor of the Federal Reserve: "Inflation is like a country where nobody speaks the truth...
...Urban Institute. "A lot more people are feeling the cold breath of unemployment." On the other hand, inflation touches all Americans, and the country as a whole would pay a price if the White House switched from fighting inflation to combatting unemployment. Warns Federal Reserve Board Member Henry Wallich: "By the time you've made a dent in Detroit's unemployment, you've sent inflation through the roof for everyone." In effect, Reagan is betting he will not have to make that switch, but if the unemployment rate continues to climb, he may have no real choice...
Though a number of stopgap solutions are being proposed for the present squeeze, the one that makes the most sense is also the one that bankers and government officials agree has the least chance of being adopted. This is Federal Reserve Governor Henry Wallich's proposal to have the OPEC oil exporters that hold the surpluses make loans directly to Third World borrowers. Says a piqued U.S. official: "I'm not at all sure that we should encourage either banks or the IMF to recycle those funds. We should let developing nations deal with OPEC itself. That...