Henry Wallich

Who was Henry Wallich?

Henry Christopher Wallich was a German American economist and central banker. He was a professor of economics at Yale University and a member of the Council of Economic Advisors during the Dwight D. Eisenhower administration. He was an economic columnist for Newsweek magazine, from 1965. For a period he wrote one week in three, with Milton Friedman and Paul Samuelson.

He was appointed by President Nixon as a Governor of the Federal Reserve System, in 1974 and served until 1986, resigning due to poor health.

Wallich was known for his strong opposition to inflation. He once wrote, Like burglary, inflation is an extralegal form of redistribution, Unfortunately, many economists share with politicians the habit of always regarding inflation as the lesser of any alternative evils.

Education is what remains when all the details [of the learning process] are forgotten. Henry Wallich—In address to the Graduation Class of Fordham Graduate School of Business, NY, NY June 28, 1978.

Wallich was born in Berlin on June 10, 1914, to Paul and Hildegard Rehrmann Wallich. His father and paternal grandfather were both bankers. The younger Wallich had a brother, Walter, and a sister, Cristel.