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Dec 9, 2019 · The meeting “strangely” did not take place in the Oval Office, but in the “more informal library”, said Volcker. “As I arrived, the president, sitting there with chief of staff Jim Baker” – someone Volcker would spar with in subsequent years – “seemed a bit uncomfortable. He [Reagan] didn’t say a word,” he recounted.
Oct 24, 2018 · “I walked out without saying a word,” Volcker writes in a book that is coming out this month, adding he thinks the library was chosen for the meeting because it “probably lacked a taping ...
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Volcker recounts being summoned to meet with President Ronald Reagan and his chief of staff, James Baker, in the president’s library next to the Oval Office in 1984. Reagan “didn’t say a ...
Jan 12, 2023 · What a time to become Fed chairman. In 1976, the U.S. inflation rate was 5.7 per cent. In the next three years it was 6.5, 7.6 and 11.3 per cent. The month Volcker took over it was running at 11.8 per cent. Ten days into the job he persuaded the Fed board to raise the policy interest rate half a point to a record 10.5 per cent.
Aug 24, 2021 · Volcker knew the dollar was in existential crisis at the time and said this explicitly. He also knew there was a crisis of confidence in the Fed, something today's Fed doesn't seem to understand ...
He recounts a meeting with President Reagan and Chief of Staff James Baker ’52 in the summer of 1984, months before the presidential election. The president, who was seated, didn’t say a word. “Instead, Baker delivered a message: ‘The president is ordering you not to raise interest rates before the election,’” Volcker recalls in his ...
Dec 12, 2019 · Paul Volcker, who died on Dec. 8, is the poster boy for central bank independence and why it matters. One of his legacies, as you may have read in the many obituaries published since his death, is ...
