Paul Volcker
Paul Volcker
Paul Adolph Volcker, Jr.is an American economist. He was Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States during the 1970s and early 1980s. He was the chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009 until January 2011...
moving communication differences
The speed of communication, the speed of information transfer, the cheapness of communication, the ease of moving things around the world are a difference in kind as well as degree.
government swings important
A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate...
ideas use economy
I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.
historical economy currency
A global economy requires a global currency.
attitude thinking government
It's a whole different attitude toward public service than it once was. I tell you, we can all sit around in our old age and moan about it, but I think the administrative processes and the management effectiveness of the federal government are terrible!
people benefits facts
When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.
too-much remember complaints
When I hear complaints about less liquidity, remember there is such a thing as too much liquidity.
average standards decline
The standard of living of the average American has to decline.
fall mean years
The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.
business real dancing
What's the subject of life - to get rich? All of those fellows out there getting rich could be dancing around the real subject of life..
years atm
The only thing useful banks have invented in 20 years is the ATM.
unique gold boards
It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.' The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.