沃尔克在美联储的任职经历广为人知,其更令人惊讶的,应是他于二十世纪七十年代早期在汇率危机中所扮演的重要角色。同经济学家艾尔弗雷德基辛格相似,沃尔克穿梭于世界各地安抚国际同盟,尽管当时尼克松对国际经济满不在乎。我才不在乎什么里拉,摘自滑头迪克语录。
For decades politicians had mouthed their support for a strong currency, but Nixon cutthrough the claptrap. Volcker thinks we ought to sacrifice the domestic economy to savethe dollar, he said. I m not in favour of that. The dollar duly fell sharply in the 1970s,although it rebounded under Mr Volcker s tenure at the Fed. Mr Silber praises his subject forstabilising the currency and also for opposing Reagan s budget deficits. Whether he is rightto say that it was those deficits that pushed up real interest rates in the 1980s is harder totell; after all, deficits are even higher now and real rates are negative:
当时政客们已泛泛而谈支持美元长达数十年,但尼克松一语打消了这种言不由衷的空谈。沃尔克认为我们应该牺牲国民经来救美元,他称。对此我并不赞成。这导致美元于二十世纪七十年代急速跌落,尽管后来由于沃尔克在位美联储而有所恢复。希尔伯对沃尔克致力于稳定货币、反对里根财政赤字的行为表示称赞。是否如其所称,二十世纪80年代时正是这些赤字推动了实际利率上扬,如今更加难以分辨;毕竟当今赤字更加高额,而实际利率却为负值。
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