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first, arthur burns' secret diary is a surprising bestseller. what would be the biggest surprise in the secret diary of paul volcker? mr. chairman? [laughter] >> oh, boy. i lead a very calm, orderly life. no big secrets. [laughter] no secret for a diary, but i was, i guess, fortunate to be in the government and the treasury at the time of international turmoil, devaluation of the dollar, later the anti-inflation thing, latin american debt crisis. kind of an interesting life when i look back on it. [laughter] much better than being an investment banker all the time. >> so, allan, what entry would you like to read in the secret diary of paul volcker that would have helped -- >> my secret diary, those damn monotarrists that kept criticizing us all the time. [laughter] expected some control of the money supply that was beyond anybody's technical capacity. nothing we could do would ever satisfy alan meltzer. [laughter] >> so, actually, that leads to a follow-up. first, what entry do can you want to read and, second, did the federal reserve ever use t
burns became chairman, reverse that policy and began to say we have to do something about recession and set the pattern that went on throughout the 1970s, which was we could always do something about inflation until the unemployment rate rose above 7%, and then we had to stop.
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