Word: volcker
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...stand does nothing to increase the chances that Carter will reappoint him when his term as board chairman expires Jan. 31. Washington speculation on his possible successor is already narrowing to Robert V. Roosa, a partner in the investment banking house of Brown Bros. Harriman, and Paul Volcker, head of the New York Federal Reserve Bank. (Arthur Okun, a Brookings Institution economist and member of TIME'S Board of Economists, whose name also has been mentioned, says Carter would make a mistake in appointing him because the chairman should be someone with closer ties to the financial community...
...seemed to expect much from the summit, but most thought it a good idea. Everyone seemed to have the same thing on his mind: Inflation is the long-run danger. "You can't escape the reality of an interdependent world through floating exchange rates," said Paul Volcker, president of the New York Federal Reserve Bank. Reasonable monetary stability is possible only with basic stability in domestic economic policies, he said, "and control of inflation is the sine...
...gold-that is, the bullion not held in monetary reserves but used for industrial purposes and speculation-has shot to historic highs. It is now $67.10 an ounce, v. the "official" price of $38 for the gold held by nations in their reserves. Last week Treasury Under Secretary Paul Volcker reiterated U.S. determination to keep the official rate steady, despite the desire of France and South Africa to raise it once again...
Such aims are easier to state than achieve. Burns warned that unless a start is soon made, the non-Communist world may break up into restrictive and competing trade blocs. His initiative moved Treasury Under Secretary Paul Volcker to set a tentative timetable for monetary reform. Volcker specified the International Monetary Fund meeting in the fall of 1973 as "a useful target date for getting a general agreement...
...world's principal trading and reserve currency. The new substitute will probably be a vastly increased supply of IMF Special Drawing Rights. This historic switch will reduce the political-economic power of the U.S. by making it tougher for it to finance military operations and factory building abroad. Volcker's first job will only be to talk about the proper forum for negotiations. Connally has had enough of the European-dominated Group of Ten rich industrial nations, with which he has had four abrasive meetings. He seems to be thinking of a group of 20 countries that would...