32 Quotes by Paul Volcker

The responses range from absolute denial to complete admittance, ... Some said, 'We had no knowledge of it' - that's a pretty standard response - and some said, 'If we paid it, we don't know we paid it.'

There was no doubt that there were difficulties with the Security Council, hampering action on some reports of smuggling and kickbacks,

I hope to reinforce the recognition of the need for reform, ... There's a lot of nominal support for administrative reform, but whether they will actually carry out an effective reform is still very much in the balance.

If you don't have some bad loans you are not in business.

The cumulative impact of this is pretty impressive, ... Somebody should have stood up and said, 'Enough.' But they didn't, so it ended up being much more controversial than it should have been considering that the main objectives of the program were in a sense achieved.

If, at the end of the day, we need to raise taxes, we should raise taxes.

That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.

It was probably a mistake to allow gold to rise so high.

I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence.