I am suspicious of the idea of a new paradigm, to use that word, an entirely new structure of the economy.
More Quotes from Paul A. 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 A. 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 A. Volcker
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 A. Volcker
It was the biggest inflation and the most sustained inflation that the United States had ever had.
Paul A. Volcker
Well, by the standards of a lot of countries, by Latin American standards, it wasn't so bad.
Paul A. 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 A. Volcker
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