It was the biggest inflation and the most sustained inflation that the United States had ever had.
More Quotes from Paul A. Volcker:
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 A. Volcker
Well, I started out in the Federal Reserve as a young economist and spent about five years in the Federal Reserve Bank of New York.
Paul A. Volcker
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 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
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