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Quote by Paul Volcker

“That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.”

Quote by Paul Volcker

Author

Paul Volcker, born on September 5, 1927, is an accomplished economist from the United States. He is renowned for his significant contributions to the field of financial policy. During his tenure as the Chairman of the Federal Reserve System in the 1970s, he successfully combated inflation, earning him the title of one of the most influential central bankers in American history. more

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