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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Collection: Paul A. Volcker Papers Call Number: MC279 Box 8 Preferred Citation: Congratulatory Letters:"T-Z", 1983; Paul A. Volcker Papers, Box 8; Public Policy Papers, Department of Rare Books and Special Collections, Princeton University Library Find it online: http://findingaids.princeton.edu/collections/MC279/c131 and https://fraser.sdouisfed.org/archival/5297 The digitization ofthis collection was made possible by the Federal Reserve Bank of St. Louis. From the collections of the Seeley G. Mudd Manuscript Lilarary, Princeton, NJ These documents can only be used for educational and research purposes ("fair use") as per United States copyright law. By accessing this file, all users agree that their use falls within fair use as defined by the coipyright law of the United States. 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I l'olicy on Digitized Collections Digitized collections are made accessible for research purposes. Princeton University has indicated what it knows about the copyrights and rights of privacy, publicity or trademark in its finding aids. However, due to the nature of archival collections, it is not always possible to identify this information. Princeton University is eager to hear from any rights owners, so that it may provide accurate information. When a rights issue needs to be addressed, upon request Princeton University will remove the material from public view while it reviews the claim. Inquiries about this material can be directed to: Seeley G. Mudd Manuscript Library 65 Olden Street Princeton, NJ 08540 609-258-6345 609-258-3385 (fax) firstname.lastname@example.org https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1933 Mr. Togo W. Tanaka Director, San Francisco Federal Reserve Gramercy Enterprises Forty Five Hundred Wilshire Boulevard Los Angeles, CA 90010 Dear Mr. Tanaka: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, CCM:dmg-b cc: Miss Wolfe (2) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 410 VIri"-//e/ te,J/ ,jaite4wd7/r, ,V.AAt -27e.44-XtvieiA9~ (20 e9,3,5--1/700 efa ••••••4 June 20, 1983 Dear Paul Vblcker, With directors around the country, I join in applauding your acceptance of the President's renomination. Some time ago, 12th District directors heard Wendell Ashton refer to you in a Salt Lake City meeting as "an extraordinary 20th century patriot" for your service to the country. By the usual criteria for personal decision-making, it would certainly be understandable if you had elected not to endure another term. But I'm glad you did otherwise. The Wall Strect Journal clipping, which you undoubtedly have seen, is attached only because I cheer its concluding statement that "what we are seeing is recognition by a clear political majority that sound money is a good thing." Best wishes to you and your family. sincere ours, 42CA..., 0 W. Togo W. Tanaka Director, San Francisco Federal Reserve Mr. Paul Volcker Chairman, Board of Governors The Federal Reserve System Washington, D.C. 20551 Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections. ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: newspaper article Pages Removed: 28 Author(s): Title: Seeing the Light With Paul Date: June 21, 1983 Journal: The Wall Street Journal Volume: URL: Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 21, 1983 Mr. Allan R. Taylor President and Chief Operating Officer The Royal Bank of Canada Toronto, Ontario Dear Mr. Taylor: I appreciate your taking the time to write. You are right about the "challenaing times" ahead, and we can only, with the help of many others, do our best. Sincerely, PAV:ccm - • THE ROYAL BANK OF CANADA ROYAL BANK PLAZA TORONTO, ONTARIO M5J 2J5 ALLAN R. TAYLOR PRESIDENT an cx., ) -el rn --ri c---3 rri (..,..) rri = r= --_, —T1 rn ----.4 c•-) AND CHIEF OPERATING OFFICER L. = r-• xlip r-• CD 37' P , cv ro c::: c= ' rri --ri -1.1 C4 ) rrt •--4 c=> aorMaa Ame C ,' July 8, 1983 = .a- ..... ...... •• h.) Mr. Paul A. Volcker Chairman Federal Reserve System 20th Street and Constitution Avenue N.W. Washington, D.C. 20551 U.S.A. Dear Mr. Volcker: I was most pleased to learn of your reappointment as Chairman and hasten to add my congratulations to the many others you must be receiving at this time. Challenging times lie ahead for the international financial community, and we at The Royal Bank of Canada are delighted to see a man with your experience and proven track record continue to play such an important role. Please accept my heartiest congratulations and best personal regards. https://fraser.stlouisfed.org Ilw Federal Reserve Bank of St. Louis Yours sincerely, dAt _..... rri rn vc, --.< C.") --4 rrt Vo ce2 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Ronald Terry Dear Mr. Terry: Thanks for taking the time to write me about my reappointment. All I can say is we will try. Sincerely, PAV:ccm afr. awSSAGE ARECo *** FED RES BD WSH 11 WU INFOMASTER 1-006234C171 06/20/83 ICS IPMWGWH WSH MP 02991 06-20 1115A EDT iTwx 7108229235 FED RES BD WSH e 4-008655S1 71 06/20/83 ICS IPMBNGZ CSP 9015235602 TDBN MEMPHIS TN 28 06-20 0921A EST PMS PAUL A VOLCKER CHAIRMAN FEDERAL RESERVE BOARD OF GOVERNORS RPT AA LILY MGM. DLR JEWASHINGTON DC 20551 lla THE BEST NEWS OF THE DECADE IS YOUR REAPPOINTMENT. IF THERE WAS EVER 'A TIME FOR THE PRESIDENT TO LISTEN TO BUSINESS THIS WAS IT. STAY THE COURSE. RONALD TERRY 41 1:111 PO BOX 84 17 MEMPHIS TN 38101 4:0934 EST l 8 ilk 1019 EST FEE' RES BD WSH GE DONE *** https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. James P. Thrasher Dear Mr. Thrasher: Professor Giersch is a man I respect greatly, and I am veryy to miss an opportunity to talk together with you. But it's just impossible to think of being in Rye on the 28th. I do appreciate your note. Sincerely, PAV:ccm • BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTgf'm ES ID83 JUN 29 PA • P. THRASHER 51 RECEIVED OMCE OF THE CHAIM !',! June 27, 1983 The Honorable Paul A. Volcker Chairman Board of Governors Federal Reserve System Washington, D. C. 20551 Dear Mr. Volcker: Obviously I was very pleased at your reappointment. I hope you were as pleased as I. I believe you know Professor Herbert Giersch, President of the Institute of World Economics at the University of Kiel. I have been corresponding with him since August 1981 on many of these economic issues. Professor Giersch is attending a half day IBM seminar on July 28 at Armonk, New York, and will be our house guest during his twoday stay. I thought this would provide a good opportunity for you to join us and together have an informal and stimulating discussion. With that in mind, my wife and I would like to invite you and Mrs. Volcker to dinner on Thursday, July 28. We were thinking of a relaxing evening Including cocktails, barbecue, and pool swimming if you desire. We can be flexible according to your schedule, but we were hoping to start around 4 PM. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I have enclosed another paper that I hope you find interesting. I am looking forward to meeting you. Yours sincer ly, Encl. CAN SHORT TERM PESSIMISTS BE LONG TERM OPTIMISTS? It is not difficult to make a quick list of the symptoms of our severe economic malaise. One cannot read a serious newspaper or journal without having these problems discussed at length. Which symptom receives the most stress depends on the views of the writer/journal, but the list includes, as we all know: - The large government deficits --actual and projected. High unemployment. The specter of re-ignited inflation. High "real" interest rates. - Excessive levels of debt with the possibility of bankruptcies threatening the international monetary system easy to Thus at least the symptoms of our problems are relatively this identify and not many knowledgeable people would argue with do to list. However when the discussion turns to what we have to divide ease the problems, agreement comes hard. One can loosely osthose who offer answers into two camps --a large group of progn group who ticators who say they are "optimists" and a much smaller are labeled "pessimists" or "doomsayers." identified The optimists are those who believe that the problems cataabove are serious and must be addressed, but they are not s: strophic and will "go away" with a combination of two thing - A healthy, non-inflationary and sustained recovery (which optimists feel is now underway). - In addition we need some relatively minor changes in economic policy such as a combination of training la programs, possible government industrial policy (a and Robert Reich and Lester Thurow), and higher taxes lower spending to reduce deficits and interest rates. growing recovery, The optimists support their view by pointing to the ology, the the soaring stock market, the promise of high techn the optimists' easing unemployment. The overwhelming emphasis of the problems scenario is: "Stay as we basically are; all is O.K.; beliefs; your will disappear or will be mitigated; don't change will do more harm don't change our institutions; 'radical' change than good." https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 The pessimists, in contrast, point out that this effort is for nil, that no matter how much we try we are not going to solve the deficit problems, we are not going to get unemployment down, we are not going to be able to provide a standard of living for our children that is comparable to what we had, the "good" times are over, gloom, despair and despondency should reign across the land. Even the thoughtful individuals who find themselves someplace in the middle, hesitate to align themselves too closely with the doomsayers because there is the feeling that it is somehow unpatriotic and, even worse, if the pessimists are heeded to any significant extent, a psychological environment could be created which in fact could become self-fulfilling. Therefore, it is believed by many that pessimists are not only wrong and unpatriotic, but may indeed create the very conditions they say are coming by spreading their demoralizing word. Most of the time the pessimists don't elaborate on "what is needed to solve the problem" because they rarely get that far. Why focus on solutions when there is no consensus on whether we have a problem. In this situation is it possible that the optimists are pessimists and vice versa? My own view is that the optimists are trying to hold on desperately to our existing structure, institutions, values and way of life, all of which are becoming more and more "stressed" in a changing, evolving world. In 1950 as a Yale Freshman I learned from my political science professor that institutions must evolve in order to respond adequately to the changing needs of the individuals that make up the society that the institution serves. If institutions do not change appropriately, then "pressure" builds over time. This pressure is relentless, inevitable and ever-increasing as long as the factors that gave birth to the underlying social changes continue to proceed. I believe that this is where we find ourselves today with the so-called optimists taking the position that there really isn't substantial pressure. They believe the problems that have arisen can be handled safely and easily within the framework of our existing institutions, cultural attitudes and "the way we do things around here." Pessimists on the other hand feel that our institutions have become somewhat dated, and inflexible. They believe that the assumptions upon which the existing institutions rely for their validity must be re-challenged from the ground up and that unless this healthy reexamination takes place, the pressures will become such that we will have change anyway but in a much less civilized manner. Thus I would like to put forward the thesis that the optimists are pessimists and the pessimists are optimists. In doing so I am hoping that this will encourage people to take another look at the so-called pessimistic view --to view their position in a different, more uplifting, light. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 In order to defuse this 'whole issue of whether or not our basic institutions need to be thoroughly re-thought, I propose that we do away with these titles of pessimists and optimists. Let's redefine the groups to be the "defenders" and the "challengers." The defenders are the optimists of above and believe we need some changes but nothing fundamental. The challengers believe that this will just waste precious time during which conditions will have to deteriorate further to convince people that indeed our attitudes and institutions do need challenging and changing. With that in mind, I want to look at key elements in this debate from the point of view of both the defenders and challengers. I do this to define and sharpen the issues that separate the well-intentioned people who are trying to understand the problems and develop a point of view on what to do. Before that, however, I want to add "social" ills to the list of economic problems listed above. It is my belief that we must evaluate our institutions in light of all of our problems. Thus let me add: - Tax and draft evasion - Breakdown of the family unit Decline in the work ethic - Dependence on welfare - Educational mediocrity - An alienated youth (e.g., graffiti) - Crime - Drugs I must say, in passing, that taken together our economic and social problems create a devastating picture of a society with severe problems. Let's look at so7e of the key factors in our environment as defenders and challengers: THE ROLL OF GOVERNMENT Defenders: Government is important. Government is the essence of our society. Government leads the people. Government creates a structured environment which allows the "markets" to function better, more fairly, more humanely. Government protects the people from danger and threats from both outside our boundaries and from within. Challengers: We should re-think the role of government vis-a-vis the individual. Individual freedom has been seriously eroded over the last thirty years as government has grown and become a pervasive https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 force in most aspects of our life. The time has come when we must recognize that the price we pay in lost freedom, motivation and self-reliance is not worth the sense of security that we tend to derive in the short term from government involvement in our affairs. AUTOMATION Defenders: Automation is key to improving productivity which in turn improves the standard of living for all society. Therefore, automation is highly desirable. Government policy should encourage maximum use of automation. We should structure our tax policy to reward those who automate. We should keep interest rates as low as possible in order to promote and foster automation. Automation is essential to our ability to compete with cheaper labor overseas. Only by having American workers use sophisticated tools to improve productivity will our products be competitive with those produced overseas. Challengers: Automation is the replacement of labor with capital. It should be done on the basis of appropriate pricing of both labor and capital which reflects their relative scarcity. In the past this pricing has been in error wherein society (and its government) tried to "legislate" high labor prices and a low cost of capital through low interest rates. This pricing bias has resulted in overautomation, inflation and unemployment. It does not make sense to automate further to reduce labor content of work when we already have so many unemployed. RESEARCH AND DEVELOPMENT Defenders: R&D is critical. We need it to discover new technologies which in turn allow us to increase productivity, which in turn leads to a higher standard of living. We need some government incentives and possibly government direction of R&D efforts. Challengers: We agree that R&D is important, however, changed direction and emphasis is required. Previous focus has been on R&D that allows replacement of labor with capital. The focus should shift to acknowledge a balance between three key factors: the true cost of labor, the true cost of capital, and the "true" cost of befouling our environment. Thus the "new" R&D focus would try to achieve a balance between affluence, availability of work for all who want it, and the preservation of our natural environment and wildlife. Thus R&D would work as hard to save the environment and capital as to replace labor. RETRAINING Defenders: Retraining is necessary in order to "convert" manufacturing workers into service or high tech industries. The government should play a role in retraining by either sponsoring the programs directly, or by providing tax incentives to have corporations do it. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 Challengers: Retraining is probably not necessary and in any event would not be very successful. People are limited in the amount of change they can incorporate. An attempt to convert, say a 50-year old steel worker into a waiter, hairdresser, bus driver or a computer repairman is doomed to failure and the people involved will be miserable. We must learn to combine young workers with young technologies and let them flow through life together. The high school graduate who went to work on a U.S. Steel open hearth in the 70's is a mis-match which was inherently bound to cause severe problems for the country, society, the corporation and himself. We should make our manufacturing industries competitive. That will eliminate the need for massive retraining because steelworkers can remain steelmakers. INFLATION Defenders: Inflation is a phenomenon associated with modern economic life. It is probably impossible to do away with it entirely. We should not let it go to extremes, but a little inflation is probably not a bad thing. Challengers: Inflation is an erosion of the value of currency which arises as a market mechanism to reduce the real wages of society to what is actually produced. Thus, if we give everybody a raise, but only produce the same amount of goods and services, inflation will pull us back down to what is available. Markets fluctuate up and down. However we have dictated high labor rates as a matter of law and policy. As a result, when natural forces dictate lower wages this translates into higher inflation. Our objective should be zero inflation. An inflation rate of only 5% doubles prices over fifteen years. Stripped to its essentials inflation is a device that allows politically powerful groups to gain real income over less powerful groups. DEFLATION Defenders: Deflation is associated with depressions and involves a time of economic contraction causing the real standard of living to decline. It is one of the roles of government to build-in defenses against deflation to ensure that our society does not thus suffer. Challengers: Deflation is nowhere near as bad as its reputation; in fact it is really not worse than inflation. Rather than the value of money going down as in inflation, the value of money increases. Deflation gets a bad press because governments often cut the production of real goods and services in order to avoid deflation Thus we have seen OPEC cut the production of oil to maintain prices to avoid oil deflation and we have seen the U.S. government put forward an agricultural program which has resulted in 25% of our farm land laying idle. This is another reduction in real wealth which has been put forward in the name of avoiding deflation and helping prices to rise. This is similar to what the government did in the 30's by plowing under cotton and killing baby pigs. Government programs like these reduce real wealth under the guise of supporting prices. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 6 NATIONALISM Defenders: An individual's country is a powerful identification. We are able to accomplish our society's objectives through national laws, regulations and programs that benefit society as a whole and a majority of the individuals living therein. It is the level of government which we look to first for the solution of our economic and military problems. Challengers: Nationalism should be defined as broader and more flexible than today's nations states which are the way they are mainly because of historical development. Thus they reflect history more than they represent a rational structure for today's needs. As the world's people become more sophisticated, the government entity to which they grant the power will shift to smaller and smaller bodies. The benefits of scale that determine that our countries should be large will give way to a more "personal" fragmentation. The individual himself will gain more and more responsibility for his own welfare, his own success or failure. NUCLEAR WEAPONS Defenders: Large countries need to defend themselves with the best technology available, particularly when other large powers have the same technology. Thus we must maintain these super armaments to ensure peace. Challengers: Nuclear weapons are just what we think they are. They are high technology weapons that are capable of being used by nations and they are the most dangerous residue of power left to large central government institutions. A key risk to mankind is that national governments will be tempted to use atomic weaponry in defense of their own power and defend themselves against the erosion of their power downward to local governments and individuals. It is not feasible nor possible to "outlaw" nuclear weapons. However their threat to mankind can be greatly diminished with multiferious governments all the way down to the individual or local community level. Would we really worry about the Soviet Union per se if it were hundreds of local governments holding real power as opposed to an integrated super state? DEMOCRACY Defenders: The best way to govern people is through the democratic process of majority rule with minority protection through a Constitution. Challengers: Democrary is a tool by which we "broker" power among the people. Essentially the objective of the democratic process is to figure out what you can do for 51% of the people at which the other 49% won't rebel. This brokering can be illustrated by the following examples: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nail down the votes of 5% of the people by giving them something substantial which when divided by the other 95% becomes so insignificant that they will not fight it (i.e., farm subsidies). • 7 • • • Give benefits to those who vote at those types who don't vote because vote they are not participating in they are just victims of it (e.g., past history). the expense of if they don't the brokerage, the Blacks in Democracy breaks down when this power brokering becomes well known and larger and larger percentages of the population try to engage in it. (Could the Blacks and women elect the next President?) Organizations developed to extract legislation favorable to themselves are called Special Interest Groups. In its final stages democracy will degenerate into massive seesaw battles between powerful special interest groups. The fragmentation of government power into smaller entities destroys the power of these groups as their true numbers become apparent in a local community. ANTI-ESTABLISHMENT SUB-CULTURE Defenders: The negative values of the sub-culture (e.g. drugs, crime, graffiti, promiscuity, etc.) must be controlled by stricter, better enforced laws, and better education of the evils involved. Challengers: Passing more laws and building more prisons won't work. We have to incorporate much of these values in our culture and/or allow them to dissipate on their own accord (which they will do if they are truly unproductive endeavors). Political fragmentation should accomplish most of this naturally. We'd better hurry --remember the slogan of the 60's: "Don't trust anyone over 30?" The age keeps going up --now it's 50. Thus the defenders can be soon outnumbered in size and influence. EDUCATION Defenders: Our educational system has some major problems. We need to allocate more resources to straighten out the system. This should include higher salaries for teachers and more money for teaching aids such as computers. We should establish higher academic and disciplinary standards for our schools. Thus we need more government attention and money allocated to education. Challengers: Our educational system has suffered probably the most of all our institutions because of our emphasis on egalitarianism. We have tended to treat schools, teachers and students in the same "egalitarian" way. Yet we expect the graduates of our system to be individualistic, highly motivated and "entrepreneurial" in their approach. While we expect graduates to make the most of their Godgiven talents, we put them through a system that doesn't differentiate much between them. Money is not needed as much as an operating philosophy that allows differentiation between schools, teachers and students. At present the boredom and frustration of those above the mean mix negatively with the stress and alienation of those below. The fragmentation of our present system should allow quality education coveting a broad spectrum of manual and intellectual skills. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 k MEDIA NEWS COVERAGE Defenders: The media does a reasonably good job of reporting the news but they need constant monitoring to ensure fairness and lack of editorializing. Challengers: We should recognize that the media is moving from just reporting news to "interpretation." This could have a lasting and profound impact on how public opinion is formed. We should not discourage this interpretive trend in the media. Our sources of news will be a powerful force in shaping our growing sophistication in economic, political and social affairs. It is important to maintain a wide spectrum of news services and a free market to allow the widest possible consumer choice. STOCK MARKET Defenders: The stock market is an efficient marketplace which provides the best vehicle to allocate resources in the private sector. It is the best mechanism we can have for absorbing all available news and translating these developments into relative value among competing enterprises. Challengers: The ability of the stock market to function efficiently and allocate resources has been diminishing progressively over the last twenty years by the rise of very large financial institutions. These institutions have increasingly dominated the market. Rather than let each individual decide his own investment strategy we have centralized this function into hands of a very small number of "managers." These managers tend to be a small group of close-knit individuals who read the same magazines, have the same values, are influenced by the same motivating systems and are pretty much inbred. Their dominance of our resource allocation mechanisms is a serious flaw in the functioning of a free economic system. June 13, 1983 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Marc W. Todd Dear Mr. Todd: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:nlf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1S83 JUN 30 AM 11: 58 RECEIVED CF CE TE CEILEIA" OFFI From MARC W. TODD Memo ) qe3 c10 To gi tai.cAze4_. /gf-C/. 4."--4-G- siOLO ACe...4CACA__ ../G2 ,ev 1-1eZer/ A4t41 44>°‘ 00y , eL4 BUTLER, WICK & CO. Bldg. First Federal Savings & Loan et Stre e Stat One East on, Pennsylvania 16146 Shar / *Pee CV (412) 346-4175 Also Greenville, Pennsylvania (412) 588-5006 WetiGe_ (0.c. ,40( /e)(6-tA4 etge-iw.J-&/6/.2.1r d https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Dr. Merlyn N. Trued Managing Director Bermuda Monetary Authority Hamilton 5-24 Bermuda Dear Merlyn: I probably ought to hole out in Bermuda for the duration, but, in lieu of that, I appreciate your letter. Best regards, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTE I 183 JUN 27 At4 9: 30 Bermuda Monetary Authority Hamilton 5-24 Bermuda Telephone: (809-29) 5-5278 RECEIVED OFFICE OF THE CHAIRtiL Telex: 3567 BEEMA BA Cable: Monetary Bermuda June 20th, 1983. The Hon. Paul A. Volcker Chairman Board of Governors FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 U.S.A. Dear Paul, I offer you my warmest congratulations upon your re-appointment as Chairman. I want you to know that I believe you have done a masterful job under the most trying conditions. I pass along my best wishes for continued success and my deep appreciation that you found it possible to accept re-appointment. It was a pleasure to see both you and Barbara in the meeting in Boston and I look forward to another meeting in the not too distant future. I hope you, as opportunity permits, consider a visit to Bermuda. I would be most happy to make all the arrangements. With best personal regards. Sincerely yours, W. Merlyn N. Trued Managing Director MNT/sjn https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1933 Mr. John N. Turner P. 0. Box 38 Royal Bank Plaza Toronto, Ontario M5J 2J7 Dear John: I have been terribly late in my correspondence these days, but I did appreciate your note on my reappointment, all the more from one who has been through the mill. I suppose the real question is why I don't follow your example and get a real job some day -- but then we expect to see you back in the public sector at the right time: Best regards, PAV:dmg-b P. O. BOX 38 ROYAL BANK PLAZA TORONTO, ONTARIO ...JOHN N. TURNER, P.C., 0.0. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PERSONAL TELEPHONE (416) 865-7111 MSJ 2J7 June 28, 1983 I share the view of most Canadians in the business and financial community, and am both pleased and relieved that you have been reappointed. I wish you continued success in your most difficult and sensitive post. JNT/ra Paul Volcker, Esquire Chairman Board of Governors of the Federal Reserve System WASHINGTON, D.C. 20551 865-7101 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Mr. Nicholas A. Tzimas, M.D. New York University Medical Center 530 First Avenue - Suite 5 D New York, New York 10016 Dear Nick: It was nice of you to write about my reappointment. One of the good things about it -- maybe the only good thing -- is hearing from old friends and associates. Jimmy seems to be doing pretty well, Sincerely yours, PAV:dmg-b iaa.n NICHOLAS A. TZIMAS, M.D. fEtitilikt .• 2S) 8 111 20 MI N., 11 atiPt.tAMRIANA Vag. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 01\i`i.06S • EN NEW YORK UNIVERSITY MEDICAL CTER 530 FIRST AVENUE - SUITE 5 D NEW YORK, NEW YORK 10016 Telephone (212) 340-7278 July 13, 1983 Mr. Paul Volcher Chairman Federal Reserve Board Washington, D.C. Dear Paul: It was, indeed, with great pleasure that I heard the news, of your reappointment as Chairman of the Federal Reserve Board. You deserve it. • You have done, so far, a superb job, in trying to combat inflation. Please accept, again, my heartfelt congratulations. Sincerely yours, Nicholas A. Tzimas, M.D. NAT/tm rn rm 2c3 CM "an rn YOSHITADA UCH IYAMA rri • (=. rri " .1 rr , CID rne 7:;= rr • rin Cr, MI June 1983 :t2'• 4=3 r" 30 c9 nn CC) Dear Mr. Volker: Effective June 6, 1983, I resigned as deputy president of the Industrial Bank of Japan, Ltd. For nearly thirty-seven years, I have thoroughly enjoyed my association with the Bank, through which I have had the pleasure of being brought together with good business associates like yourself. On the occasion of this termination of my active service with the Bank, I would like to express my sincere thanks to you and your colleagues for the many years of this pleasant and fruitful relationship which I hope we can maintain in some form in the future. I have accpeted a position as executive vice president of Nissan Motor Co., Ltd. I wish you continued success in your work and health and happiness in your personal life. With warmest personal regards, Sincerely yours, r 1_6.44- 1,17-e2b t 9) 9 //met_ ek agAAACL I Y. /1461= ecti.%-eL , Ojr ChN -)1/1 " 1- F ,J ,t,(14L J *i4(CM a- v e tw °4.44 1 Yoshitada ,1)2_ pke,4 Si Uchiyama fpert,t4„f g 06 P.S. Nissan Motor Co., Ltd. The Industrial Bank of Japan, Ltd. 17-1, Ginza 6-chome Chuo-ku, Tokyo 104 Japan 3-1, Marunouchi 1-chome Chiyoda-ku, Tokyo 100 Japan Tel: 543-5523 Tlx: NISMO J22503 Tel: 214-1111 Tlx: KOGIN J22325 YU/kt https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1-8-24 Gakuennishi-machi, Kodaira-shi, Tokyo 187 JAPAN (Residence) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Gerald E. Udwin Vice President Westinghouse Broadcasting and Cable Inc. 1120 Connecticut Avenue, N.W. Washington, D.C. 20036 Dear Jerry: Thanks so much for taking the time to write about my reappointment. We'll try to live up to those words, and it wnn't be easy! Sincerely, PAV:ccm • 1120 CONNECTICUT AVENUE NW SUITE 845 WASHINGTON DC 20036 (202) 429-0196 WESTINGHOUSE BROADCASTING AND CABLE INC GERALD E UDWIN June 24, 1983 Vice President The Honorable Paul A. Volcker Chairman Board of Governors Federal Reserve System 20th & C Streets, N.W. Washington, D.C. 20551 Dear Mr. Chairman: All too rarely -- but at least occasionally -- wisdom, courage, dedication and skill ARE rewarded. Such was the case last Saturday when President Reagan announced his wish to have you continue as Chairman. I am delighted for you and for our country. Si cerely, trd Cira C=2 ›•-• 14...J 4=, C.:3 CZ:2 C2:2 8.4.1 Li.J LA.. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Group W Television • Group W Radio • Group W Cable Filmation Associates • Group W Productions • Group W Satellite Communications • Group W Television Sales Home Theater Network • Muzak • Group W Radio Sales • TVSC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Michael M. Van Buskirk Community Development Officer Banc One Corporation 100 East Broad Street Columbus, Ohio 43271-0261 Dear Mr. Van Buskirk: Your line of work free of some Monday morning either. But expressions of support from people such as up for a lot. probably isn't quarterbacking, confidence and yourself make Sincerely, NMS:dmg-b cc: Miss Wolfe (2) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Bum OF GOVERHORS TE TiSTEt4 FEDERAL RESERVE 11t112: 33 1983 0122 RECE1V CIIAIRMAN OFfitE DFThE BANC ONE CORPORATION 100 East Broad Street Columbus, Ohio 43271-0261 June 20, 1983 The Honorable Paul Volker Chairman Board of Governors Federal Reserve System Washington, D. C. 20551 Dear Mr. Chairman: This is just a short note to proffer my congratulations on your reappointment. Having been viewed while in Washington through the Redskins and now in Columbus through Ohio State to Monday morning quarterbacking, I feel I know something of the once-a-week national phenomenon. Second guessing the Board is an international, daily sport. I'm not certain I understand why you wanted a second term as Chairman. I do know I am glad you accepted it. I look forward to seeing you in July at the Consumer Advisory Committee meeting. Sincerely, O A- 144a Michael M. Vi1n Buskirk Community Development Officer MMV/bl https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 25, 1983 Mr. J. Vandrovec Dear Mr. Vandrovec Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:mrk https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ,ereereznse-de- C AMEFliCAN GREETNGS CORP MCkkx https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Forget me not AMERICAN GREETINGS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • A 4 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Emile Van Lennep OECD 2, rue Andre Pascal Chateau de la Muette F 75016 Paris France Dear Mr. Van Lennep: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, It la offSSAGE AREC33 *** D RES BD WSH I— A JUN 23 1040ZCZC YWB8333 FUR 727 AOS371 YCC847 AIWA CO FRXX 071 pARis 71/67 23 1632 PAGE 1/50 PAUL A VOLCKER AIRMAN OF THE BOARD OF GOVERN ORS DERAL RESERVE SYSTEM SHINGTON D.C. HEARTIEST CONGRATULATIONS TO YOU STOP UR REAPPOINTMENT AS CHAIRMAN OF THE FEDERAL RESERVE BOARD NSTITUTES A VERY GOOD PIECE OF NEWS FOR ALL THOSE CONCERNED * TIA WORLD ECONOMIC AND MONETA RY PROBLEMS STOP SEND C847 PAGE 2/17 IU ALL GOOD WISHES FOR CONTINUED SUCCES S IN THE ARS THAT LIE AHEAD ILE VAN LENNEP VELOPECONOMIE NN - '8AGE DONE •I• •f• • 4 •INII OECD 1 i .2, . rIA e Anare rta se4/ C14-becte4., de /a. mueNe F 754/6 Par is Fra A ee https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 18, 1933 Mr. Girish Vasudev Girish Vasudev Techno-Economic Consultants 1208 Prasad Chambers 12th Floor Bombay-400-004 India Dear Mr. Vasudev: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:dmg-b • GIRISIPVASUDEV TECHNO-ECONOMIC CONSULTANTS - X4111 3665 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1208, PRASAD CHAMBERS, 12TH FLOOR, BOMBAY-400004 PERSONAL JUNE 29, 1983. MR. PAUL VOLCKER, Chairman, Board of Governors, Federal Reserve System, Corner of 20th Street & Constitution Avenue (NW), Washington, DC. 20551. U. S. A. Dear Mr. Volcker, "I HAVE, TODAY, ASKED (FEDERAL RESERVE BOARD) CHAIRMAN, PAUL VOLCKER TO ACCEPT REAPPOINTMENT FOR ANOTHER TERM. HE HAS AGREED TO DO SO, AND I COULDN'T BE MORE PLEASED". President Ronald Reagan, with his customary showman's touch has ended the long controversy with regard to this appointment, thus ending debate and speculation at the Wall Street. As a professional in the field of Economics, operating from this part of the world, indeed this has given considerable pleasure to see that logical expectations have been translated into action. PLEASE ACCEPT MY HEARTIEST CONGRATULATIONS. • 2 •• r0.1 41[ /VR F https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • TECHNO-ECONOMIC CONSULTANTS • **Zoo Politics and Economics can never mix, yet, each has an over-bearing influence on the other. It might interest you that, we, from India, have been watching with considerable attention, the progress in regard to appointment of FED Chairman. It is apprecia- ted that American influence on developmental activity worldwide has strong bearing. FED therefore has a role to play in International Economics. The first term of FED Chairmanship under your able command, prima-facie, indicated that policy persued not only brought under check, the rate of inflation from 13% at the beginning of the term to less than 4% now (in turn which created 5 Million jobs). In addon the stability and the strength of US currency vis-a-vis other currencies shows signcant improvement, maximum being 42% with regard to DM, SF 22%, Yen 12%. Indian Rupee 25% and 32% towards Sterling Pound. Many proclaim that dollar is an over-valued currency even today, especially viewing the fact that budgetary deficits have risen to "HIMALAYAN PEAKS". The future direction of dollar interest rates and its external value remains some-what uncertain. what many claim. This is There appear to be pushes and pulls in different directions. On one hand Ml, the narrowest measure of money supply is running well above the target, (some say this is due to technical adjustment) implying that there is a need for tightening of money supply, which might push up interest rates. On the other side, the broader measures of money supply, are within the target and therefore increase in interest rates will only throttle economic recovery. • TECHNO-ECONOMIC CONSULTANTS • F https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis jbffiultimate analysis, if at all interest rates alter, they may marginally to make adjustments to the monetary equation between supply and demand. The commencement of this term brings into focus number of issues, domestic as well as international. So far as developing countries are concerned, their problems would tend to precipitate, since, aid prospects seem marginal, yet, debt servicing is likely to rise. If, under these conditions, the process of development is to be maintained, FED's attitude towards correction of domestic economy and as a result of which, repercussions on International Monetary System, will have to be carefully watched. The task ahead is indeed not smooth. Let us, however, hope that international economic recovery will be regulated on an equitable basis and to that extent we look forward to your able stewardship as FED Chairman, in the second term. With Kind Regards, I remain, (GIRISH VASUDEV) a.a.a, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 22 Dear Governor 1983 y2.24.E, Thanks so much for taking the time to write about my reappointment. I alTreciate your encouragement and good wishes. Sincerely, The Honorable Lic. Pernardo Vega Governor Central Bank of the Dominican Republic Santo Domingo, D.R. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TRANSLATION CENTRAL BANK OF THE DOMINICAN REPUBLIC Santo Domingo, D.R. Lic. Bernardo Vega Governor Mr. Paul Volcker Chairman, Board of Governors of the Federal Reserve System Washington, D. C. 20551 U.S.A. Dear Mr. Volcker: It is my pleasure to express to you most cordial congratulations on the occasion of your recent confirmation as Chairman of the Board of Governors of the Federal Reserve System in Washington, D. C. While wishing you the best of success in your Ii w venture I take this opportunity to offer you the ample colaboration of this Central Bank during your term in office. Very truly yours, (Signed by) Lic. Bernardo Vega • 4 tiMUSITA SANTO DOMINGO, R.D. BernaMo Vega Gobernador 27 de junio de 1983 Senor Paul Volcker Presidente de la Junta de Gobernadores del Sistema de la Reserva Federal WASHINGTON, D.C. 20551 E. U. A. Estimado senor Volcker: Complacere expresarle las mgs cordiales congra tulaciones en ocasift de su reciente confirmacift como Presidente de la Junta de Gobernadores del Sis tema de la Reserva Federal, de Washington, D.C. Al desearle el mejor exit° en el ejercicio de su nueva gestion, aprovecho la ocasion para ofrecer le la amplia colaboracion de este Banco Central durante el ejercicio de sus funciones. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Le saluda muy atentamente, 31.11 JO 331140 03A1333N OISAS 3M3S3J 1V11303.4 31.11 JO SVON83A09 JO MOO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 2, 1983 His Excellency Bernard Vernier-Palliez Embassy of France 2535 Belmont Road, N.W. Washington, D. C. 20008 Dear Mr. Ambassador: Many thanks for your note, and I, too, look forward to seeing you soon. Sincerely, PAV:ccm BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 193 JUN 21 AM 8: 50 4 RECEIVED OFFICE OF THE CHAIRMAN /01//' Washington, June 1 , 1983 Dear Mr. Volcker: I wish to extend my warmest congratulations on your reappointment as Chairman of the Federal Reserve Board. This decision by President Reagan is undoubtedly a well deserved tribute to your outstandiRg accomplishments, and an indication of the confidence your government places in your ability to handle this most challenging mission. I am looking forward to telling you in person how much I rejoice at this high honor. In the meantime, please accept my best personal wishes. i A,1,v of i-2-7 W Arilie9)--i_j.,-x‘pv-j Bernard Vernier-Palliez 04/41tMr. Paul A. Volcker Chairman Board of Governors of the Federal Reserve System 20th and C streets, N.W. Washington, D.C. 20551 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 The Honorable Cesar Virata Prime Minister Republic of the Philippines Manila, Philippines Dear Mr. Prime Minister: It was very kind of you to send me the cigars, and I want you to know how much I appreciate your thoughtfulness. I've just been talking about some of your problems with others here directions. I know it's going to take effort from several Good luck! Sincerely, PAV:Ccm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis '711 P " d August 26, 1983 Dear John: I apologize for not responding to your note about my reappointment earlier, but I did appreciate hearing from you. Sometimes, as you can imagine, I wonder about the pros and cons of being here, but at least it has the advantage of hearing from a lot of old friends from various parts of the world. I had the occasion to be in Rome at the residence a couple of months ago for the first time since you were there. The villa -- and Italy -- seem to have survived -- but I suppose it is ntt quite the same! Regards, PAV:Ccm JOIIN A. VOLPE NAHANT. MASSACHUSETTS 01908 June 27, 1983 Cn r_J-.3 ril C..... C 7.) -= r--1 : 7 42••"' -IC CP ...,1 --ri r-ri CrD .7.74./ ..„... Mr. Paul A. Volcker, Chairman Federal Reserve Board Washington, DC 20551 Dear Paul: It's been a long time since you visited the villa in Rome while I served as Ambassador, but I have watched your performance with great interest since meeting you and particularly during the last four years. I must say that I am tremendously pleased with the actions you have taken which overall I think have been very beneficial to our nation and to the entire world. Unfortunately it has brought more unemployment than either you or I would like, but a price has to be paid for lowering the inflation and interest rates. You've done a fine job. My sincere congratulations on your reappointment by President Reagan, which I might add is one of the finest moves he has made. I'm sure you'll continue to give the same kind of dedicated interest that you have shown during your first term. Our country is indeed indebted to you for your willingness to remain on this assignment, which is not an easy one and financially not too rewarding. You must, however, get a great deal of satisfaction when you see the kind of results you have attained. My best wishes. Sincerely, Joh JAV:j https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Volpe July 5, 1983 Mr. Robert E. Walker Vice President and Associate General Counsel Continental Illinois National Bank and Trust Company of Chicago Chicago, Illinois 60693 Dear Bob: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:nlf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis _i • CONTINENTAL BANK CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO • CHICAGO, ILLINOIS 60693 June 24, 1983 ROBERT E. L.WALKER VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL Mr. Paul A. Volcker Chairman, Federal Reserve Board Board of Governors Federal Reserve System Federal Reserve Building Washington, D.C. 20551 Dear Paul: My warmest congratulations on your reappointment as Chairman of the Federal Reserve Board. This obviously comes at personal sacrifice and is ample recognition of the commitment and integrity of which you have been a public servant lo these many years. The appointment was well deserved and needed. Keep the good faith as usual. s, RELW:ems https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NV14/41111-13 1-11 JO 331.4J0 G3A1333 17 I :6 NV 0C mir Egsa 34-1113SId 1Vd301J 3111 ?.10 SIION3A03 JO OliVOE1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 190 Mr. Joseph E. Wallace, President International Travelers Cheque Company 70 W. 6urton, Box 3002 Chicago, Illinois 60610 Dear Mr. Wallace: Thanks so much for taking the time to write about my reappointment. I appreciate your encouragement and good wishes. Sincerely, PAV:evjj book Pirteol..c ice ilL I 312-337-1410 -104 (ASC tie eit SiArc TM'S P1r SSED ' oivir . .11"Aii f (b Alf 4410447 INTERNATIONAL TRAVELERS CHEQUE COMPANY JOSEPH E. WALLACE PRESIDENT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 70 W. BURTON, BOX 3002 CHICAGO, IL. 60610 BOARD OF GOVERNORS CF THE FEDERAL RESERVE SYSTEM 1983 I/ 29 AM 9: 00 RE.CEIVEG OFFICE CF THE CHAIRHAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Removal Notice 7KHLWHPLGHQWLILHGEHORZKDVEHHQUHPRYHGLQDFFRUGDQFHZLWK)5$6(5 VSROLF\RQKDQGOLQJ VHQVLWLYHLQIRUPDWLRQLQGLJLWL]DWLRQSURMHFWVGXHWR copyright protections. ŝƚĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶ Document type: newspaper article Pages Removed: 17-18 Author(s): Lester C. Thurow Title: The Volcker Riddle: Is He Really a Closet Keynesian? Date: June 13, 1983 Journal: The Times Volume: URL: Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Dear Gordon: I have been a terrible correspondent recently, my but I did want to thank you for your note on reappointment. We have not had much chance to see each other I since I left New York (at least on weekdays), but want you to know I appreciated your service at the New York Bank. Meanwhile, between us we have a lot of work to do to get things straightened out in the banking world! Regards, Mr. Gordon T. Wallis Chairman of thirtralir Irving Trust Company One Wall Street New York, New York 10015 PAV:slw " https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Irving Trust Gordon T Wallis Chairman of the Board Irving Trust Company One Wall Street New York, NY 10015 212 487 6330 The Honorable Paul A. Volcker Chairman, Board of Governors of the Federal Reserve System Washington, D. C. 20551 June 24, 1983 Dear Paul: Just a note to add my sincere congratulations on your reappointment. It was exceedingly well merited, but in addition it was the right decision from all the important points of view of which I am aware. There aren't many really critical appointments a President makes, including Mr. Reagan so far, but yours is certainly one of them. I hope you're pleased, and I wish you every success along that rocky road. With4arm regards, Sincerely, iUveidiVii3 Li A Alin 03A133H 90 :6 NV OE wir C831 ItaiSAS 3A113211 T/1203J 3141 .40 SVOM3A00 JO RIVO9 July 21, 1983 Mr. Johnnie M. Walters Dear Johnnie: You shouldn't have bothered to take the time at all -- but I do appreciate the good wishes. I'll need them! Sincerely, PAV:ccm • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ,•••••.4. JOHAWLE' M. WAL.T1E On. • July 18, 1983 Paul A. Volcker, Chairman Federal Reserve Board Constitution at 21st, NW Washington, DC 20551 Dear Paul: You must know that I am embarrassed at not having written earlier to congratulate you. I should have, and I had every intention of doing so; good intention went awry. nevertheless, my • I was not surprised when the President you for the second term, and I was nominated quite pleased. In fact, I have spoken with no one who was not pleased. I am sure there are some who are not, but they must be an extreme minIrity. gratulate you heartily and I wish So, I con• for you every continuing happiness and satisfaction. I still wish you were coming down here in October for our Economic Outlook Conference, but, since you are not, we are very pleased that Henry Wallich will be with us. If ever you want to come down for a visit for any reason, just let us know. Sincerely, Johnnie M. Walters JMW :jmk https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis --Iri F7 PI', Op L., C..._ Co C:;) C= •'11 t"'" ••\ NJ --- 2:i. 53 nq It=1 rn -, a cz; itim. .474. CD CO *=:7 rvi -11 c.., 1 ...< ril acz rn rr c) , r... ...... ...... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1933 Mr. Jude Wanniski Polyconomics, Inc. 66 Macculloch Avenue Morristown, New Jersey 07960 Dear Jude: Sometimes, its better when the kids don't know -- thus, no nightmares. We'll probably continue to confuse you, but I do appreciate especially your assumption of a degree of good faith. And your ebullience remains a shaft of light! Regards, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OOLYCONOMICS,INC. • Political and Economic Communications Jude Wanniski President 66 Macculloch Avenue Morristown, N.J. 07960 201.267-4640 June 22, 1983 Mr. Paul A. Volcker Chairman of the Board of Governors Federal Reserve System 20th and Constituion Avenue, N.W. Washington, D.C. 20551 Dear Paul: My kids all rushed to tell me you were reappointed, genuinely pleased with the news although they are not yet quite sure what it is you do. I was, of course, gratified. (See enclosed copies of letters to the President and Jim Baker.) I'm telling my nervous clients to hold onto their bonds. Did you see Henry Wallich in Newsweek? Wow! If you would say things like that publicly the bond markets would celebrate. Bullishly, affectionately, Jude Wanniski JW:bh enclosures C\\ 5-C6k ttlifdIVII3 31/1 JO 0.1A13338 331.44 8t7 ze /8C1 1431g,S 3fisio, f:1‘014Y3A109 M1303.1 011VC9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1933 Mr. John L. Weinberg Dear John: dinner of the Thanks for the mementos you, at least, look handsome! Sometimes, I wonder why I am still here, but I appreciate your confidence. We'll keep at it. Regards, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JOHN L. WEINBERG June 24, 1983 Dear Paul: Needless to say, I couldn't be happier that your reappointment took place. As you know, I am a great suppo rter of you and I just want to say that I think the country is in a far better position because of your reappointment in the Fed. I am enclosing several pictures from the Harvard Business School International Dinner where you received the Business Statesman Award. Although there are some duplications, I thought you might like to have some pictures for your scrapbook or for the back of a closet. Seriously, it was great being with you. With kind regards, Sincerely, Enclosures Mr. Paul A. Volcker Federal Reserve System 20th & C Street, N.V. Washington, D. C. 20551 i411VH3 U1 i3 331JA0 03A13331 Oil :I ild LZ Nnr £861 ii31SAS 3/1113S3 11/113031 3111 AO SNON113A03 Q 011V09 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Dr. Art Weimer Weimer Business Advisory Service, Inc. P.O. Box 183 Bloomington, Indiana 47402 Dear Art: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, NS:ccm WEIMER BUSINESS ADVISORY SERVICE, INC. P. O. BOX 183 BLOOMINGTON, INDIANA 47402 G2 = = la.J CO) CV) = = Cl. 4gZ e s s— to2 ce LO trt ›.LA., ,. . .›. . st a ?, F GO Ca ce let 4= Ca 4 8.161 I ....A .42 CIO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis thLAW C.) 164. ept(f_2_ I.- - ,4( /it ciorre1 6,,,LL4( L 171-141,( ke 1-ee ctitrc,.4 K-_„44 -4fayt4 rct ( 4-2t, P‘eJ Ver•eci24, /Yv PI,412 .7‘A h,c_aiz„ ctLA,0( d2-4 ceEzeici PL7A LiA44? https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Ernest H. Weinwurm Dear Mr. Weinwurm: Many thanks for your note. Mother is still going, relatively strong, at 91, so keep at it: Sincerely, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • ERNEST H. WEINWURM June 22 1083 Mr. Paul A. Volcker, Chairman Federal Reserve Board Washington D.C. Bear Mr. Volcker: May I add my mini-congratulations to the doubtless innum erable ones you have received at the occasion to your re-appointment. It would csrtainly be an interesting story to relate the activities of the "moles" who tried to prevent that event, which theylfinally were unable to prevent. The worldwide call for your appointment was almost unbeliev able and certainly can makw you prood. The faith in your abes to deal with the present difficulties was almost unbelievable. I am confident that you will justify it . In my eithyeigth year I am now completely retired and not able to do anymore useful work. All I can do is some reading. It is not good to becoeme so old and I would even with it to you. Is your mother still alive ? If she does, will you con wey my wife's and my own best wishes. ( 4 I don' t I will live long enough to follow your future work but I am confident it will be just successful as it was in the past. sincerely, 111)7s---1--4v https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 rr. John H. Weitnauer Chairman Richway P.O. Box 50359 Atlanta, Georgia 30302 Dear John: Thanks so much for taking the time to write about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, • • • RICHINAYL https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A Division of Federated Department Stores, Inc. P.O. BOX 50359 E ATLANTA, GEORGIA 30302 June 21, 1983 Mr. Paul Volcker Chairman Federal Reserve Bank Board of Governors of Federal Reserve System Washington, D.C. 20551 Dear Paul: I want to congratulate you on your reappointment as chairman of the Federal Reserve Board. Your accomplishments have been greatly received and appreciated by us in the sixth district. The country has been extremely fortunate to have had your leadership and courage in this difficult time. There is still much to be done, and I am confident there could not be a better person to lead us in the future. We look forward to working with and supporting you. Best regards Sincerely yours, Jo H. Weitnauer Chairman pr https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. F. Lisle Widman, Consultant International Monetary Affairs 1606 Wilson Place Silver Spring, Maryland 20910 Dear Lisle, I particularly appreciate the note from an old colleague in arms. I am also curious about what all those bankers were saying in substance. Will we live through it? Finally, I don't think I ever adknowledged the book--and more particularly the friendly words within it. More objectively, I hope it serves the purpose of giving some people a real "feel" for government and treasury decision-making. Best regards, • •F. Lisle Widman Consultant International Monetary Affairs GOA.MkaS• 90 Cif IkVf. fttnt..k. let7Skil 9; 22 M N11 ?ittIN tkiNkikkAMI ZVM:i. June 21, 1983 Dear Paul, Never have I been so glad to see one of my forecasts proven so wrong! I just returned to the U. I guess I had too little faith. S. last week after interviewing nearly a hundred bankers around the world. At least half of them asked me the same question: Is Volcker going to be reappointed? While I told them all that I certainly hoped so I put the odds at 60-40 against. The triumph of the underdog is the most encouraging development to hit the world headlines in a long time. Congratulations, and thanks for taking the job! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sincerely, 1606 Wilson Place, Silver Spring, Maryland 20910 Phone (301)585-3215 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis August 25, 1983 Dear Mr. Williams: Many thanks for your note on my reaiipointment -it means all the more from one who has struggled through the problems of depository institutions in recent years. Sincerely, Mr. Jim R. Williams President Credit Union National Association, Inc. 5710 Mineral Point Road Madison, Wisconsin 53701 PAV:slw https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Credit Union National Association, Inc. 5710 MINERAL POINT RD • BOX 431 • MADISON, WI 53701 • 608-231-4000 JIM R. WILLIAMS President 608-231-4010 BOARD OF OF GOVERNORS THE FEDERAL RESERVE S'irSTE,'4 1983 JUL 1 8 NI 10: 1 4 R OFFICE CFECEIVEDTIlE CH41P.ri,' July 15, 1983 The Honorable Paul A. Volcker Chairman Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, D.C. 20551 Dear Chairman Volcker: Congratulations on being renominated by President Reagan to serve another term as Chairman of the Federal Reserve Board of Governors. I'm confident that the Senate will speedily confirm his action. I sincerely hope they do because we need your continued leadership at the Federal Reserve. I believe you have done an outstanding job in helping to heal the nation's economy. Through your wise and strong leadership, the Federal Reserve has taken the tough actions necessary to revitalize the economic climate in the United States while avoiding sending us into another cycle of inflation and recession. Please feel free to call on me if there is any way I, personally, or the Credit Union National Association can assist you. Sincerely yours, Jim R. Williams MEMBER WORLD COUNCIL OF CREDIT UNIONS PRI. NTEOINUSA IIINUMPONLAIDOR https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Frazar B. Wilde Chairman Emeritus Connecticut General Life Insurance Company Hartford, CT 06152 Dear Frazar: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, CCM:dmg-b cc: Miss Wolfe (2) • Connecticut General Life Insurance Company a CIGNA company Hartford, CT 06152 (203)726-4261 CIGNA Frazar B. Wilde Chairman Emeritus https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 24, 1983 The Honorable Paul A. Volcker Chairman, Board of Governors Federal Reserve System 'Washington, DC 20551 Dear Paul: It is wonderful news that you are going to be continuing in the Federal Reserve. 1VIany people appreciate your sacrifice and feel indebted to you as well as being delighted about your appointment. Best wishes and congratulations! Sincerely, -1—A-AxeSNA FBW:npm 1.310V1.13 3::1 23 331140 03A133314 ZS :01 L Z binr EOSI 113123 3AU3S14 1V113034 3111 JO SIIONY3A09 _40 ONV011 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Willis Winn Dear Wit1is: I appreciate the letter, and the wisdom in it. The momentum of events is hard to deal with, even if many good things are happening. Best regadds, COARD OF GOVERNORS DF THE FEDERAL RESERVE SYSTEM 1 EHM29 Al 8: _‘Ni His and 7 Lois Winn • RECEIVED OFFICE Or THE CHAIRMAN 'tro. ,-,°- June 26, 1933 5 = Dear Paul:. a. n 5 FoE_ 5 z -t‘h * My congratulatims to the crantry aad sy nathy to you on th_e Presidents decision. Needle -:s to say I've followed your -lerils of Pauline F-lar;-a -7ith P;ret nersonal interest and the 1irins are iadeed most -oleased about the outcome. Your tolerance level certainly exceeds mine -nd we certainly want to wish you yours every happiness the next chapters unfold. I'm certain that this will prove to be a far more rewarding ex ,erience than the one we discussed briefly in New York lr_,,st 77nter. The fishing has ly- en nretty good in our .nnds. My fo'rmer t week and he pulled out secretary and her husband were here some 2-6 lb cat fish. The latch key is always out if you can take advantage of it at any time---only twent7 miles north of the Kansas City airport. I soent a cou--)le dayq in New Yor: tbis week c7'n_e home a bit sobbered by the speculative excesses I encountered. I know th-t -;11 -, ould be haPry to '')e rid of the marr,in credit Tiroblem. I ,1 .n.c)-7 it makes little sense 77ith all the other levernged devices available. I've tried t) follow the impact of futures tradng on the govern-ient bond market 1.nd then as!: my-3elf whrvt imprct all the "margia" tranactions may have on the stock market. A replay of 1962 in spades may not be an unthinkable development. Iviy second worry is the deficit. The failure ;f our le2,dershin to come to grips -Yth this drivPs me up th wall. I begin to hear neo-Te talk ab)ut their cIncern ,7_,b)ut their holdings of government securities, the current n-te of monetization of the debt that is taking place and their increasing expressions of c)nviction th. t another bout of inflation lies ahead. These people are not sonhisticrted 'out thgy a2'e not fools. They feel ouite helpless and are beroming scnred. If thg_,financial institutions could 7et their real prioriti straightened out they mi7ht really Perform a -ub- ic sertice by turning their lobby lorle on this is-,ue. g. m E E 5 . g. E m . But I'm sure youfar more advice than you can possible use for the next ten years. I'll refri or at least try but I continue to follow develo-rvnents with the Winnfield Farm Winnfield Farm Winnfield Farm Winnfield Farm Winnfield Farm Winnfield Farm Winnfield Farm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46, greatest of personal interent. When I was in Tt. o is this week end I chatted briefly with Larry R. I T:Tas sorry to 'earn that his v7ife had just lost part of her lung. Larry was in 7, .)od spirits p,nd felt that the wDrst was .n.w behind them. Lis and the family j()in me n wihing y-)u the very best in a most troublesome assignment. It could. 't be in better hands! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 17, 1983 Mr. and Mrs. Ralph A. Winter Switzerland Dear Ralph and Kate: It's been a long time, and I hate to have to get reappointed to hear from you. But thanks for the note. Sincerely, PAV:ccm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEUCHATEL Fontaine du Temple Neuf ou du Lion (detail)S ........ 1,1 14339 66.7400,F,44,ft Reproduction interdee https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BY AIR MAIL PAR AVION C S - t9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AIIIIIF Ali/ INV ANIII AIII https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ANT Ralph A. Winter Fohrenstrasse 31 CH - 8703 Erlenbach SWITZERLAND alre ,M7`. AWAIT *maw https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 The Honorable Timothy E. Wirth U. S. House of Representatives Washington, D.C. 20515 Dear Trbrii: Many thanks for the note - and one of the compensations of this job is the dialogue with some of those in the Congress trying to look ahead. Sincerely, • • HOUSE OF REPRESENTATIVES WASHINGTON, ID. C. 20515 TIMOTHY E. WIRTH kee COLORADO laCt.k ta •-• u30 tul ?ii;ktfutti • t Mom), Af evt*gkqe1 itte 11 Usal t0 U 11,t tocti LawiA Ito IvJe eau, kit? . kuow Ited1/4441litu 1 . (Olt4 %tint CAA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I t4 J 0ti./ ill Lit lti ii V2o •• iktOUIA d . KA I Umtem tu liOtt JOCAA t.(A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rJ •BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 11383 JUN 2 I AM 8: E RECEIVED OFFICE OF THE CHAIRMAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • August 3, 1983 Mr. 0. C. Wike Dear Mr. Wike: heard that you have been having a strugkle with your health over the past year -- and as a voice from the past, just wanted to send along a word of encouragement and good wishes. Teaneck is a long ways back for all of us, but we must have learned something. At least we had the right teacher. My best to you and Mrs. Wike. Sincerely, PAV:ccm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • BatkRil Otrf Gu4ERIVS MEW. Ign 28 rA 11: 56 II OttlikA. P P AWdt. t (kal ' t LT fil t Yv-Ait 4,1140,40.0 VS4.4° r 't .44CA P° -et i ti,P( k 0,0,4 ,L04. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ,2- lo , Az) 4.4LeLt..c.'"`" 6x/s/v, e) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Zps'-2--611 ikqe._/6 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Albert M. Wojnilower Managing Director The First Boston Corporation Park Avenue Plaza New York, New York 10055 Dear Al: I don't quite know what impels me to reaain, but you know how much I appreciate the note from an old friend and colleggue. Just stay in close touch so I get some both disinterested and interested advice-if you know what I mean. With warmest regards, ." '4o• \\ Cfs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i— • (,)• , 14<'• RAL RE.S • ••• • • •• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis WASHINGTON, D. C. 20551 July 5, 1983 PAUL A. VOLCKER CHAIRMAN Mr. Albert M. Wojnilower Managing Director The First Boston Corporation Park Avenue Plaza New York, New York 10055 Dear Al: I don't quite know what to remain, but you know how much I appreciate the note from an old friend and colleague. Just stay in close touch so I get some both disinterested and interested advice-if you know what I mean. With warmest regards, 4 • The First Boston oration Park Avenue P1 "" New York, New 10055 Telephone: 212/909-3020 Ct First Boston avr-- Albert M. Wojnilower Managing Director vo,frt, C.,--111.6-174L A-tdolf, rx-eria 1--ka /iftb, d'td ' 111 44Alei ko-of--1 u2 j 61-c 1 w‘vt-wi itamAz:44 [Th)-v- /14 6 _4:02)7D-7A oL( fef-2.-"FkiJkl6,,Itti=di coe-ktd c NI/PCL-11'11.13 j31.4z10 3111/33 03A311 S :8 KV oc ta-2,) LLY /17v- vie , muJzcii76 6-4,akrfrt tini) le iie-wy al (4A -tea-, (ce" https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ktic, ECEI N3ISAS 3AU3S3U 11111303d 3E20 SPA3A130 10 OTIO0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 12, 1983 Mr. Johh S. Weston Dear Josh: Your note is the substitute for the salary! Thanks for writing. Sincerely, PAV:ccm JOSH S. WESTON 71_ Lki--€)5 JI ve ra.i- or 1X.11-1.1 ) r--1_ 014 ck_kii-irut3,(261.0 . s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .`5(1 W,4:/\ LA,J)CO 474-Qe ( https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1933 Mr. C. Richard Y Dear Dick: Going through some earlier mail I found your April note and letter. So I will blame you! Sometimes I wonder why I'm here, but I do appreciate all those kind words, even suitably discounted. All the best, PAV:nlf • .Dear Paul, I thought you might be interested to V know how strongly I feel about this. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ‘14's kk Best regards, Dick Youngdahl V>Nt/ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis V3Akil4liGOVERNORS OF THE FEDERAL RESERVE SYSTEM 1983 MAY -3 AM 9: 27 RECEIVED OFFICE OF THE CHAIRMM.! C. RICHARD YOUNGDAHL April 28, 1983 President Ronald Reagan The White House Washington, D.C. My dear Mr. President: I am writing to urge you to reappoint Paul Volcker as Chairman of the Federal Reserve Board. May I identify myself: I am a lifelong student of central banking and monetary policy, a longtime practitioner in the market of U.S. Treasury Securities, now retired, and a conservative lifelong Republican. Two years ago, when you took office, the Nation's number one problem was generally agreed to be inflation. This country, and our society, cannot survive in its present form and with its present institutions with inflation at 14% or anywhere near that. Paul Volcker led the way to a change in monetary policy that made it possible to address this problem effectively and to discontinue validating inflationary pressures and expectations with an inappropriate policy of monetary ease. This essential program took courage and skill, and Mr. Volcker demonstrated both. Perhaps the most critical aspect of the inflation problem relates to expectations--expectations by the financial world, by the business world, and indeed by all of us as consumers. We should not give a signal of disapproval for the anti-inflation monetary program that has been so successful to this date. At this point, when the economy seems poised for a very satisfactory recovery without inflation, reappointment of Paul Volcker, the only Chairman of the Fed for years who has shown any real https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • S * President Ronald Reagan Page Two April 28, 1983 understanding of a central banking role , would reassure the financial and business comm unity, and consumers as well, that stability in the value of the dollar is a highly prized achievem ent and that you and your administration are proud of it, value it, and intend to defend it. Yours sincerely, bcc: George P. Shultz Secretary of State https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Donald T. Regan Secretary of Treasury Martin Feldstein Chairman of the Council of Economic Advisers https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 5, 1983 Mr. Charles M. Zettek Planning Consultant 39 East Main Street Hopkinton, Massachusetts 01748 Dear Mr. Zettek: Thanks so much for taking the time to write about my reappointment. wishesf I appreciate your encouragement and good 6 t4„ Sincerely, PAV:smm • CHARLES M. ZETrEK PLANNING CONSULTANT 39 EAST MAIN STREET HOPKINTON, MASS. 01748 www. TELEPHONE 617/435-4990 June 211 1983 Mr. Paul Volcker, Chairman Federal Reserve Board 1 lashington, 1)C : Dear Mr. Volcker: Now that the New York Times has, in its typical back-handed way, approved of your reappointment by the President, I feel it is safe to add my own few words. In my opinion you are, next to the President, the best thing that has happened to this country since the election of Abraham Lincoln. I also believe that whatever part of Reaganomics, so-called, is working is due to your very practical and hard-headed application to some common sense that is of your own brew. I congratulate the President on his common sense in reappointing you. I pray God you keep your health and your level head. Kith kind regards, Charles M. Zet PS I also love to puff on a good 25 cent cigar. r qr\\J4" cf'k https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Ms. Donna S. Zilkha Dear Donna: Thanks for the note--with its special news. Good luck! Regards • lend S. Zillcha Jc i c_Lr) \Ar. \jc\ t`a‘sc°" mm/..3c k)\t.o.)c .c.t.V\gx kyNchw tkel%)GteNc (1 14.(u)Ait• Ob.IC" MN\ • IZAkit;VIN Vt•101•\* C. -.C6 \44)("CVA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ICCF6 SA_ tr•24. ct\r. Wtakl. " S\*'‘11-4Z6VYnCy. GGCA • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • oto https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30, 1983 Mr. Ezra K. Zilkha Dear Ezra: I appreciate the note -- even if the words need a banker's discount! I hear you have good family news of your own, and I congratulate the father! All the best, PAV:ccm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • June 20, 1983 Mr. Paul A. Volcker Chairman of the Board of Governors Federal Reserve System Washington, D.C. 20551 Dear Paul: How fortunate the world is that you have been reappointed. I think the decision is exactly what was needed in the very fragile circumstances in which the world is living. I wish you continued success in your endeavors. Yours sincerely, Ezra \\*— Zilkha https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 18, 1983 The Honorable Xenophon Zolotas Honorary Governor Bank of Greece Athens, Greece Dear Governor: Your message on my reappointment, from so wise and experienced an observer, meant a great deal to me. Thank you for taking the time to wiite. Best regards, PAV:ccm • BANK OF GREECE THE HONORARY GOVERNOR https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.teWici Athens, 29.6.1983 Mr. Paul Volcker Chairman of the Board of Governors, Federal Reserve System Washington D.C. 20551, U. S. A. Dear Mr. Volcker, It was with great pleasure that I learned of your reappointment as Chairman of the Federal Reserve Board. On this occasion I would like to express my sincere congratulations and best wishes for every success. Your distinguished service and outstanding accomplishments generally and particularly in fighting inflation effectively have been admired and highly appreciated by the international economic and financial community, including myself. With kindest personal regards, Yours cerely Zolot BANK MI1111413 .111 JO 301.4J0 03A13328 Zo :01 Itly 9- ifir EOG1 P3.0.3 3/11:13211 NI AO KION113A03 JO O8V09 OF GREECE irioti etai,GOVERN OR https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June 30 1 1983 Mr. Carlos A. Zuniga Chairman San Antonio Branch Dallas Federal Reserve BAnk Zuniga Freight Services Inc. P. O. Box 39 Laredo/ Texas 78040 Dear Mr. Zuniga: Thanks so much for taking the time to write me about my reappointment. Your encouragement and support are deeply appreciated. Sincerely, CCM:dmg-b cc: Miss Wolfe (2) op••••••....w • 11.111.11 Li Telegram western union • WFA096( 1956)(1020631 C171)PD 06/20/83 1957 1983 Alf, 20 I S IPMWGWF WSH • 9: 20 07701 06-20 0829P EDT I CS IPMW E1738 • 1-185393G171 06/20/83 ICS IPMIIHA IISS • IISS F M TCX 20 1855 PMS ART IN BUILDING WASHINGTON DC • XDB1S9 UMNX CO MEME 016 ••••••• • MEXICO DF 16 20 06 1983 • cn C, Mi PALL VCLKER • CHA IRMAM- BOARDS OF GOVER NORS CONST AVE BTWN 2011-i AND 21ST ST NW FEDERAL RESERVE SYSTEM. • MART IN BUILDING. WASHINGTON D C OVERJOYED AT YOLR REAPPOINTMENT CONGRATULATIONS AND BEST WISHES •W.U. 1201-SF (R5-69) Telegram Rai RA western union • • CARLOS A. UNIGA CHAIRMAN SAN ANTONIO EACH DALLS FEDERAL RESERVE BANK • CCL CKD NNN • 1927 EST NNNN LAA,c_„ :),(//41/:/14 • ) 2k / a3 • • • • W.U. 1201-SF (R5-69) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c X i'ale•f41—; 9 2f°' V°