Paul A. Volcker Quotes

The difficulty for Mr. Obama will be when the public sees where his decisions lead - higher inflation, higher interest rates, higher taxes, sluggish growth, and a jobless recovery.

I reject the advice of those who think the only way to fight inflation is to throw millions of people out of work .... I guarantee you that I will not fight inflation with your jobs.

If by carelessness in controlling inflation and imposing controls on our general economy we are unable to meet these temporary but vital calls upon us, we will be courting real disaster.

The Federal Reserve is playing a mind game—but with enormous real-world consequences.

If we were to raise interest rates too steeply, and we were to trigger a downturn or contribute to a downturn, we have limited scope for responding, and it is an important reason for caution.

The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert inflationary pressure.

To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created.

No President has yet repealed the business cycle.

Monetary policy and fiscal policy are inseparable.

We simply cannot check inflation by keeping people out of work.

The Federal Reserve's job is to take away the punch bowl just when the party gets going.

There's no such thing as a painless cure for inflation.

What you need to be concerned about is the rate of inflation and the direction of interest rates. If they are both going in the wrong direction in 1980, you're not going to be re-elected.

Whip Inflation Now

Every Congressman, every Senator knows precisely what causes inflation...but can't, support the drastic reforms to stop it because it could cost him his job

When the time comes to raise rates, I do think there will be some benefits that flow through to savers.

The monetary policy committee could either keep rates constant, increase them, or bring them down. There are three options possible compared to when it is accommodative.

We believe that - the President believes that the economy will continue to grow, that the economy will continue to create jobs, and that we need to do everything we can to enhance that growth and enhance that job creation.

Many emerging countries are facing the same issue of overheating and inflation because they have been vigorously expanding fiscal and monetary policy to counter the 2008 shock.

Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference.

Inflation is taxation without legislation.

Poland is one of the few countries that can afford to conduct a conventional monetary policy and that means we have to act against the buildup of imbalances in the economy.

We believe that the Federal Reserve has to carry on with a progressive increase in interest rates as a consequence of the American economy.

To face deflation, you have to have people accepting it and not reacting to it.

There's nothing the people love more than a Federal Reserve joke.