A Letter From The Publisher: Mar. 8, 1982

For most Americans, the Federal Reserve System, a mysterious world of money supply and discount rates, and the policies of its chairman, Paul Volcker, seem somewhat removed from everyday life. As TIME'S cover story this week makes clear, however, "Volckernomics," the Federal Reserve's anti-inflation policy, has resulted in unpredictable interest rates that affect everyone. Explaining the intricacies of monetary policy has been part of the job of Washington Correspondent David Beckwith, who helps report national economics for TIME. Says Beckwith: "Economics, Reaganomics and Volckernomics are to the early 1980s what Watergate was to the early 1970s—the biggest continuing story in Washington."...

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