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...
absolute complete denial knowledge paid range responses standard
The responses range from absolute denial to complete admittance, ... Some said, 'We had no knowledge of it' - that's a pretty standard response - and some said, 'If we paid it, we don't know we paid it.'
council member security states
must be broadly shared, starting, we believe, with member states and the Security Council itself.
behavior corruption found secretary stretch
We have found no corruption by the secretary general, ... his behavior has not been exonerated by any stretch of the imagination.
action doubt reports security
There was no doubt that there were difficulties with the Security Council, hampering action on some reports of smuggling and kickbacks,
bad loans
If you don't have some bad loans you are not in business.
carry effective hope reform reinforce support whether
I hope to reinforce the recognition of the need for reform, ... There's a lot of nominal support for administrative reform, but whether they will actually carry out an effective reform is still very much in the balance.
cumulative ended impact main objectives program somebody stood
The cumulative impact of this is pretty impressive, ... Somebody should have stood up and said, 'Enough.' But they didn't, so it ended up being much more controversial than it should have been considering that the main objectives of the program were in a sense achieved.
the-end-of-the-day needs should
If, at the end of the day, we need to raise taxes, we should raise taxes.
america united-states inflation
It was the biggest inflation and the most sustained inflation that the United States had ever had.
mistake gold dollars
That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.
mistake gold investing
It was probably a mistake to allow gold to rise so high.
double-standard feds terrible
Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed.
business thinking may
Less emphasis on inventories, I think, may tend to dampen business cycles, because business cycles are typically in the grasp of inventory cycles and heavy industry cycles.
giving innovation growth
I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence.