Former fed chief Volcker has died

The former head of the U.S. Central Bank Federal Reserve , Paul Volcker, has died, a media report says that at the age of 92 years. The "New York Times" wrote on Monday, citing Volckers daughter. Earlier according to Reports, the influential Economist of prostate was diagnosed with cancer. Volcker was in 1979, head of the Federal Reserve and the state of the most powerful Central Bank in the world until 1987, before he was replaced by Alan Greenspan.

Volcker, who headed a Commission, which, up to 1999, according to the unclaimed assets of Holocaust Victims held in Swiss banks was looking for.

When Volcker took office, were the United States in a tricky economic situation. The economy is hovering around and the inflation rate was up to 15 per cent as high as for a long time. Volcker went on the counter-attack and the money put on the political reins. Extraordinarily high interest rates, occasionally about 20 percent, finally brought the Inflation under control. But the price was high: Volckers full braking forced the construction and agricultural sector in the knees, and thus important Pillars of the US economy.

in the years prior to his appointment to the Executive chair of the Fed, Volcker had made themselves as brave and pugnacious Economist a name. As one of the Top employees in the Ministry of Finance, he played in the ' 70s, a decisive role in the abandonment of the gold standard by the United States, what brought the since the Second world war, established the Bretton Woods System to collapse. Volcker remained after his departure from the Fed's influential. He designed on behalf of President Barack Obama as a response to the global financial crisis, the eponymous Volcker rule, the proprietary trading activities of banks in the interest of a more stable financial system will be restricted. (nag/reuters)

Created: 09.12.2019, 16:21 PM