It was Jimmy Carter who appointed Paul A. Volcker chairman of the Federal Reserve Board. On the afternoon of Oct. 6, 1979, Volcker announced a change in money management: He said that the Fed henceforth will concentrate on directly controlling monetary growth while letting interest rates move more freely. This almost-2 1/2-year-old policy is still in force.

During the past few weeks, however, Volcker found himself under attack from both Congress and the administration. They blamed his tight money policy for the current economic woes. His critics pointed to wildly gyrating interest rates (from the low of 11 percent to the high of 21 percent) as proof of his supposedly misguided management of the nation's money supply.

In response, Chairman Volcker counterattacked by stating that it was not his tight money policy, but the administration's projected deficit spending that has caused the current economic slump. But Treasury Secretary Donald Regan disagreed, and in his testimony before the Joint Economic Committee sided with the critics. He stated that projected deficits were not the "real problem," but, instead, it was the Fed's policy of permitting erratic swings in the money supply that was the real culprit.

And so, while the public is trying to decide whether to believe Volcker or whether to agree with his critics, an astrologer can quickly find the answer. He needs only two charts: a chart for Oct. 6, 1979, when the new policy was announced, and the natal chart of Paul Volcker. Of the two charts, the first one is more important.

If we assume that on certain days under certain planetary patterns people tend to think more clearly and act more constructively and productively than on others, then the day of Oct. 6, 1979, was very bad for launching anything new. It was especially detrimental for launching anything that even was remotely related to ideas or theories.

On Oct. 6, 1979, two factors were operative, and both were spelling failure for any business undertaking. First of all, Saturn, the planet of factuality and realism, was badly afflicted by Neptune, planet of dreams, theories, utopias and illusions. Since Neptune surreptitiously dissolves anything it touches, this negative aspect dissolved the practicality and reality of Saturn, and subjected those saturnian virtues to its own nebulous control.

Volcker's, or any other theory, might have had the change if Neptune was well-related to Saturn. If that were so, then the imagination and conceptual ideas of Neptune could have been translated into reality through the prism of Saturn. But even then they should have been watched carefully since any neptunian touch, even at its best, tends to endow everyone with "rosy glasses" and optimistic distortions.

Secondly the Moon, the planet indicative of the fruitfulness of any project, or endeavor, was very badly aspected. It was decreasing in light (one day after full Moon), thus indicating contraction rather than expansion, and it was making only one aspect, opposition to Mercury, before leaving the sign of Aries for Taurus. Since a Moon-Mercury combination indicates common sense, such a negative aspect of the Moon indicates a lack of this commodity.

And so, without going into the merits or demerits of Volcker's plan, his idea was doomed, and will not bring forth fruit... not because the theory was either good or bad, but because that day was not suited to launch anything.

Volcker's natal chart supports the above deduction. He was born on Sept. 5, 1927, and has his Sun in Virgo. This sun if flanked in Virgo by other planets including Venus (at 20 degrees). Since Venus rules the handling of money and of all other resources, it is only proper that on Oct. 6, 1979, when the decision was announced, that badly afflicted Saturn, planet of tight money, was also on 20 degrees of Virgo conjunct Venus. And yet, because of the Neptune affliction this decision was wrong from an astological point of view. Neptune always makes us forget, or makes us dismiss thinking about the consequences and ramifications.

Volcker's Virgo planets make him a cautious person, attentive to detail, facile at figures and not venture-some. On the other hand, his several planets in fire prod him toward expansionism, optimism and tempt him often to throw caution to the wind. The links between those two warring factors repeat the aspects on the chart of Oct. 6, 1979. They are: Saturn afflicted by Neptune, and Moon afflicting Mercury, Venus and Mars. And so those factors on his natal chart made him susceptible to neptunian seduction of Oct. 6, 1979, since they accentuated his natal vulnerabilities.

At the present moment, his chart is under aspects that indicate a "crunching" situation, where something will have to give. But just as the chart cast for President Reagan's State of the Union speech, this "crunch" is precipitated by some circumstances totally outside of his control, and it occurs sometime in 1982 (from June to Oct. 10).

And so, as an astrologer I will align myself with Donald Regan, not only because his chart is presently not afflicted, but also because anything launched on Oct. 6, 1979, would not pan out the way it was planned.