Gerry Epstein has an article on the "hidden election" in which G. William Miller (Volcker's predecessor) was ousted by the financial interests. JD
On 4/13/05, Michael Hoover <[EMAIL PROTECTED]> wrote: > >>> [EMAIL PROTECTED] 4/13/2005 12:38:14 PM >>> > the "Volcker shock" was the big increase in the exchange rate of the > dollar and world interest rates in the early 1980s that resulted from > Volcker's tight money/anti-inflation policies. > > On 4/13/05, Charles Brown <[EMAIL PROTECTED]> wrote: > > CB: What is the Volcker shock ? > -- > Jim Devine > <<<<<>>>>> > > recall that volcker was appointed by prez carter in 79, response to > financial 'community' criticism of administration's anti-inflation > policies and financiers' desire for higher interest rates to prop up > dollar on international markets... > > volcker assumed fed chair by announcing break with established > practices, board would no longer directly manipulate interest rates, > rather, it would seek to control growth of money supply... > > by appointing volcker and embacing stringent cuts in 1980 budget > proposal, carter put into place economic policy sacrificing employment > to control inflation, prelude to reagan... michael hoover >
