It is again with distinct honor and pleasure that we bring to our readers a presentation-talk that former Chairman of the Federal Reserve Board, Mr. Paul Volcker made approximately 33 years ago at Warwick University. At that time Mr. Volcker was President of the Federal Reserve Bank in New York.

We believe that this speech set the foundation for the revival of the US and of the global economy. In less than a year after this speech, Mr. Volcker became the Chairman of the Federal Reserve Board, and with the implementation of his policies a great reversal took place that became the cornerstone of growth, and stability.

Our thanks to Chairman Volcker for the use of his speech and for his continuous contributions to the economy and to the financial markets. Our thanks also to the Federal Reserve Bank of New York for the permission to use the speech originally published in their Quarterly Review.

We believe it might be time for another round of controlled and/or strategic disintegration in the global economy.

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Chairman Volcker – The Political Economy of the Dollar, Warwick 1978