Manhattan Reborn 1978

new York.

In the evening

Manhattan, Wall Street.

Stanley's fourth floor, in David's office.

Paul Volcker, the current president of the Federal Reserve Bank of New York (FRBNY), finally met David Coleman, a young man he had been hearing about from his friends recently.

“Sorry, I’m late!”

Paul Volcker, a man with gray hair, two meters tall and a strong physique, took the initiative to extend his right hand and said to David with an apologetic smile.

"You are so polite. I should be the one to visit you!"

"It just so happens that a few of my friends are coming over this afternoon. Can I introduce them to you first?" David shook Paul Volcker's hand tightly, looked into his eyes, and asked tentatively.

"Okay!" Paul turned his head and glanced at the people standing next to him, and the smile in his eyes became even more intense.

"This is Bloomer Wilfred Wharton, my best friend."

"This is Jeffrey Sachs, a PhD student in economics at Harvard University."

"And these two are the favorite students of my mentor, Professor Armstrong Bartlett, my good friends Zod Jimenez and Jose Aaron, and Sam Rogers, the main person in charge of our company's work."

"They have all quit their original jobs and are preparing to come to work in my company."

"Oh~ So you are all alumni of Harvard University."

"I also obtained a master's degree from Harvard University, so you should all be considered my juniors." Paul shook hands with several young people one by one and joked humorously.

"Hahaha~" When the people around saw Paul Volcker, who held great power, they took the initiative to put aside their status and speak to narrow the distance between them. They all relaxed and sat down with him, laughing and chatting.

Among the few people, Sam Rogers, who had a low presence, quietly moved a chair and sat behind David, listening to the conversation with a smile on his face. His eyes would occasionally glance at Paul's face, and he seemed to be very interested in him.

About ten minutes later.

Everyone present joked about their experiences studying at Harvard University, and the strange atmosphere in the air gradually dissipated and the topic slowly turned to the "main topic".

Paul Volcker, who was sitting in the center of the crowd, thanked his secretary Maggie who brought him hot coffee, took a sip of coffee, declined the cigar that David offered him, and asked with a smile.

"When we held our interest rate meeting earlier this month, Julie (Judith K. Morgan) told me... Do you think I am more suitable to be the next chairman of the US Federal Reserve?"

"Why?"

"We just met for the first time today. Do you know me well?"

"Haha~" David showed a look of surprise on his face. He looked at Paul honestly, adjusted his sitting posture, and answered with a proper smile.

"Because I think you are a man of integrity and a natural leader!"

"After promoting the collapse of the Bretton Woods system, you have always insisted on defending the independence of the Federal Reserve System, believing that the Federal Reserve and local Federal Reserve banks should have their own special independence and should not be influenced by political factors."

"Any attempt to force the Federal Reserve to enact monetary policy for political purposes is in disguise pushing the U.S. economy to the bottom."

Paul listened to David's "singing of praise" with a calm expression, and in his heart he was inexplicably looking forward to the twists and turns that this kid might say later.

really!

After boasting about Paul's "achievements" and criticizing the Federal Reserve's wavering monetary policy in recent years, David uttered that very classic turning point word.

"But~"

David carefully observed Paul's expression and reaction, and noticed a smile in his eyes, so he took the initiative to slow down his speech and spoke softly.

“I like reading history, and I like studying economics even more.”

"Because I can find a higher level of satisfaction beyond money and power from historical stories and economic knowledge~"

“It is wisdom!”

"I was born in the post-World War II baby boom era, and my knowledge of the world and the United States before the 50s came from newspapers, magazines, books, radio and television."

"Now that I have learned a lot about economics, I prefer to use an economist's perspective to study and analyze the dramatic changes from the 50s to the present!"

David smiled at Paul, stood up, walked to the window and opened it, then turned and walked to the desk, opened the specially prepared cigar box, took out a cigar, and said while trimming it.

"Before the 50s, countries around the world hoped to keep their families away from war in the ruins."

"When leaders of countries around the world found that their basic demands were converging, in order to ensure the economic stability and exchange rate stability of each country, they lifted a series of international trade restriction agreements during the war, allowing all countries to quickly obtain materials for rebuilding their homes through international aid."

"So throughout the 50s, the economies of countries around the world were growing explosively~"

"Especially in the post-war United States, almost everyone can feel that the living standard is gradually improving, and new housing, cars, furniture and other consumer goods are no longer unattainable luxuries for ordinary families."

"For example, in the 50s, the U.S. employment rate, wages, industrial output, business investment, gross domestic product, and almost all indicators measuring economic vitality increased rapidly year by year, with only a few short interruptions and adjustments."

"Bank failures are very rare, the bankruptcy rate is low, inflation is maintained at a low level, and the overall fairness of society is gradually improving, with income distribution tending to a more reasonable average."

"This series of social welfare programs led by the US government not only allows ordinary people to obtain stable employment income, but also gives the entire country an unprecedented sense of security and happiness."

"As one government official I met once said, if the economic growth of the 50s had continued, we would certainly see the United States' economic development reach an incredible level in our lifetime."

David walked up to Paul with a cigar box in his hand, handed him a trimmed cigar, put a match in his hand, turned and walked towards Bloomer and the others and said.

“I’m sorry~”

"The economic growth miracle after World War II reached its peak in 72."

“The good times are gone forever!”

"International trade, which was once well-ordered, has erupted into almost endless trade disputes."

"Exchange rate disputes that broke out after the implementation of floating exchange rates, conflicts over domestic and foreign capital investments after the deregulation of financial controls, etc., have all begun to become huge problems that plague governments around the world."

"Volatility and turbulence have become the norm, while stability has become the exception." David smiled and helped Bloomer cut a cigar, then turned to look at Jeffrey Sachs and smiled.

"People's confidence in government in the past was based on the outstanding talents of economists, strategic planners and operations research experts."

"To use a media term that was popular a few years ago, it's expert politics!"