Paul A. Volcker Quotes

It does not mean of course that the pound here in Britain in your pocket has been devalued .

It is not repeated large Emissions [printing] of a base Paper-Currency, but our Imports exceeding our Exports, that occasions Silver to be ship'd off in Ballance

Some Countries have rais'd Money in the Denomination, when others have lower'd it; …. Some have prohibited the Export of Money under the severest Penalties, when others have by Law allowed it to be exported; Some thinking to add to the Money, have obliged Traders to bring home Bullion, in proportion to the Goods they imported. Most Countries have try'd some or all of these Measures, and others of the same Nature, and have tryed contrary Measures at one time, from what they us'd immediatly before, … that since the Method used had not the effect design'd, a contrary would: Yet is has not been found, that any of them have preserv'd or increased Money; but on the contrair.

If, when Money is rais'd [inflation or devaluation], Goods keep the Prices they had before. Then all Goods exported are sold for a lesser Value abroad, and all Goods imported are sold dearer.

The largest annual U.S. trade deficits since 1980 have been accompanied by the largest annual job-creation numbers in recent memory. The reason is simple: stronger economies tend to have stronger currencies, and the increased economic activities in these stronger economies and exchange-rate differentials lead inevitably to trade deficits

As long as the dollar remains in high esteem as a trade currency, America can continue to spend more than it earns. But when the day arrives - as it certainly must - when the dollar tumbles and foreigners no longer want it, the free ride will be over.

The prevailing view is that the easy way to stimulate economic growth is to have a low currency.

The Government will not abandon the free conversion of the rouble

When a population saves a lot, the funds are invested outside the country as well as inside. If the Japanese invest in the United States, it pushes their exchange rate down and makes their manufacturing more competitive.

Well, I make a practice of not commenting on the role of the relative exchange value of our currency.

There's a lot of companies that profit from a weak dollar.

If a currency is to become a growing, an increasing reserve currency, there has to be not only a demand for it there has to be a supply of it.

Turkey does not have an official exchange rate target.

If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.

In the 20 years before Greece end up with the Euro, efforts to improve competitiveness through exchange rate and adjustments resulted only in temporary gains of competitiveness.

A weak currency is the sign of a weak economy, and a weak economy leads to a weak nation.

I don't want to see the dollar strong because the rest of the world is crumbling. I would like to see the dollar strong because the Fed has said it wants it to be strong in the future.

We believe in fair exchange rates and Japan doesn't practice that. They have massive U.S. dollar reserves, and they use them to intervene regularly.

Financial crises require governments.

The more competitive value of the dollar turned around the trade deficit.

Money can never circulate freely and actively unless there be absolute confidence in its value.

The most important quality of a currency is its stability.

All Nations endeavor to get the [foreign] Exchange as much as they can on their side.

If Money were given to a People in greater Quantity than there was a Demand for, Money would fall in its value; but if only given equal to the Demand, it will not fall in value.

The Power the Magistrat [head of government] has to alter the Money in its Denomination or Fineness, takes away the chief Quality for which Silver was made Money