Paul Volcker Quotes (5 quotes) | Quotes of famous people

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Famous Paul Volcker Quotes

“Mehrling: So you didn’t read at that time the classic banking texts, for example, Bagehot’s Lombard Street?
Volcker: Well I read some of Bagehot, and I read a lot of Hawtrey. I remember I read a lot of Hawtrey.
Mehrling: Currency and Credit? The Art of Central Banking?
Volcker: I don’t remember the names of the books, just being in London. In those days I used to read The Economist and the Financial Times, so I kept up with what was going on in the money markets.”

Paul Volcker

Paul Volcker interviewed by Perry Mehrling (April 18, 2000) in Inside the economist’s mind: conversations with eminent economists (2007) edited by Paul A. Samuelson and William A. Barnett.

“I start from the premise that the underlying pressures toward integration and interdependence are growing stronger, not weaker. We cannot reverse or stop the advancing technology that brings us fast and cheap communication and transportation, or the spread of knowledge.”

Paul Volcker

The political economy of the dollar

“The happy days of Bretton Woods, often viewed today with nostalgia, were a special case, workable because of a particular economic and political setting… the inherent contradictions in the system were too great. With the benefit of hindsight, it would seem that an erosion of the United States competitive position was implicit in the postwar arrangements.”

Paul Volcker

The political economy of the dollar

“We live in a world in which individuals and businessmen… they want to do so unencumbered by national boundaries. At the same time, modern democracies, at least as much as other forms of government, long for autonomy; they want to control their own destinies in ways responsive to the needs of an electorate often concerned less with national than with local or sectorial interests. Yet, theory and experience indicate we can’t have it both ways, full integration and full autonomy.”

Paul Volcker

The political economy of the dollar

“The American standard of living must decline.”

Paul Volcker

As Chairman of the Federal Reserve under Carter and Reagan, October 1979. archive.is https://archive.is/lLeUg, New York Times, David McNally, "Global Slump: The Economics and Politics of Crisis and Resistance",
Source: https://books.google.com/books?id=ZRf9BgAAQBAJ&pg=PA25&lpg=PA25&dq=Paul+Volcker,+%E2%80%9CThe+American+standard+of+living+must+decline,%E2%80%9D books.google.com