"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
About this Quote
Paul A. Volcker was the Chairman of the Federal Reserve from 1979 to 1987. In this quote, he is referring to the duration quickly after he became Chairman, when the inflation rate was at an all-time high. Double-digit inflation is a major economic concern, as it implies that rates are increasing at an unsustainable rate. During this duration, the inflation rate was reaching as high as 14 or 15 percent on a monthly basis. This was a tough time for the economy, as it triggered a reduction in customer costs and a boost in unemployment. Volcker had the ability to bring the inflation rate to a more manageable level through his implementation of tight monetary policies. His actions helped to support the economy and bring back confidence in the monetary system.
This quote is written / told by Paul A. Volcker somewhere between September 5, 1927 and today. He/she was a famous Economist from USA.
The author also have 9 other quotes.
"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists"
"I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments"
"The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens"
"Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation"
"And so our goal on health care is, if we can get, instead of health care costs going up 6 percent a year, it's going up at the level of inflation, maybe just slightly above inflation, we've made huge progress. And by the way, that is the single most important thing we could do in terms of reducing our deficit. That's why we did it"
