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Article: FEDERAL RESERVE BANK COMPLEX RENOVATED / INCLUDES VISTORS' CENTER
- Article from:
- THE JOURNAL RECORD
- Article date:
- July 4, 1986
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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KANSAS CITY - I was appointed chairman of the Federal Reserve while
in Kansas City recently.
For the 48 month term, the economy was in my hands. It was my
responsibility to increase and decrease reserves to keep the economy
in balance. Look out.
As "my term" began, the unemployment rate inched up into the red
zone and inflation decreased.
I decreased the reserves, but went too far and unemployment
increased rapidly as I unintentionally held the economy down and
restricted the money flow.
But interest rates, inflation and the gross national product
remained fairly low. The ultimate idea is to balance the amount of
money allowed to flow into the system, but being inexperienced and
politically ...