William L. Silber > Quotes

“Volcker relied on public opinion, integrity, and persistence to overcome the political pressure to finance government spending the easy way, by printing money rather than by taxation.”
― William L. Silber, Volcker: The Triumph of Persistence

“Newspapers need provocative headlines to entice readers, but they were right to feature the U.S. devaluation. It was the second time in fourteen months that the dollar had been devalued after remaining stable at thirty-five dollars since 1934.”
― William L. Silber, Volcker: The Triumph of Persistence

“Failure to prevent the Great Depression during the 1930s was the Fed’s greatest blunder until the runaway inflation of the 1970s.”
― William L. Silber, Volcker: The Triumph of Persistence

“The Federal Reserve promises to reverse field to contain inflationary pressures, but that commitment is suspect, with the memory of recession still fresh, unless Congress and the president agree to a balanced budget at full employment. Reckless fiscal policy threatens the dollar’s status as a reliable international store of value and the exorbitant privilege that confers on American consumers.”
― William L. Silber, Volcker: The Triumph of Persistence

“Money is a social contrivance, worth something only because others will accept it in payment for real things. A dollar retains its value if prices remain stable, which is precisely what the gold standard accomplished by allowing people to convert paper dollars into gold. It prevented inflation by controlling the printing press, holding the creation of paper dollars in check, for better or worse.”
― William L. Silber, Volcker: The Triumph of Persistence

“He no longer trusted the Federal Reserve Board to rise above partisan politics to focus on the public interest.”
― William L. Silber, Volcker: The Triumph of Persistence