By the time I became chairman and there was more of a feeling
of urgency, there was a willingness to accept more forceful
measures to try to deal with the inflation.
Paul Volcker
When he took office at the Fed in 1979
during a period of high US inflation. |
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.
Paul Volcker |
I am suspicious of the idea of a new paradigm, to use that
word, an entirely new structure of the economy.
Paul Volcker |
It was the biggest inflation and the most sustained inflation
that the United States had ever had.
Paul Volcker
When he took office at the Fed in 1979. |
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.
Paul Volcker |
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.
Paul Volcker |
Well, by the standards of a lot of countries, by Latin American
standards, it wasn't so bad.
Paul Volcker
On US inflation when he became chairman
of the Fed on 1979. |
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.
Paul Volcker |
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.
Paul Volcker |
You could not buy a house in those days without just assuming
that the house was not only a place to live, but it was a good
investment, because it was going to keep up with inflation or
get ahead of inflation, and it was just - that was America.
Paul Volcker
Economic situation in 1979 when he took
office at the Fed. |