Posted on 06/10/2005 4:32:57 AM PDT by paudio
Former Fed Chairman Paul Volcker said he doesn't see how the U.S. can keep borrowing and consuming while letting foreign countries do all the producing. It's a recipe for American economic disaster.
On Thursday the Wall Street Journal reported bluntly that "Mr. Volcker thinks a crisis is likely."
Volcker believes that investor confidence could fade "at some point," he said, with "damaging volatility in both exchange markets and interest rates."
He believes a serious economic crisis is likely unavoidable as the U.S. economy is struggling with what Volcker sees as a hopelessly unsustainable relationship with the rest of the world.
(Excerpt) Read more at newsmax.com ...
Nuff said.
Former Fed Chairman Paul Volcker? I give his opinion some weight.
"he doesn't see how the U.S. can keep borrowing and consuming while letting foreign countries do all the producing. It's a recipe for American economic disaster."
Can't say I disagree.
I give his opinion some weight.
I don't. Not any more.
Is this a case of "offense is the best defense"? A, not so subtle, warning to the US to back off from any plans it has to change things at the UN, unless it wants to face an attempt to precipitate a melt down, one orchestrated by the UN itself?
William Blake
Perhaps Volker was concerned that our thieving government won't stop stealing out money and wasting it on hurtful entitlments. Perhaps he was also concerned about Charts like these:
http://www.freerepublic.com/focus/f-news/1400545/posts?page=59#55
Thanks 'Conservatives'!
The only significant threat the US economy has ever faced is a federal government that grows too much, regulates too much, and taxes too much.
I agree with Volker. The Federal Government needs to cut their spending.
ping
why - he wasn't he Fed chairman under Carter. Remember how disasterous that was. I do my mortgage rate was 13% and the country was in pretty bad shape.
Chairman Greenspan's predecessor, Paul Volcker, was first appointed by Jimmy Carter, a Democrat, and then reappointed by President Reagan." I remember Volcker tried to change right before Reagan replaced him with Greenspan.
Is that what happened in '29?
Excellent tag line.
Volker is an idiot. The US economy is the most productive economy in the world.
Volcker was instrumental in getting things under control during Reagan's presidency. In his day he received as much praise as Greenspan does now for his leadership at the Fed.
What is really being said here is that the U.S. NEVER looks out for #1.
Perhaps they do but #1 is anybody but the U.S. Look at China. They guard their borders and structure everything they do for the benefit of China. The United States ALWAYS structures every deal for the benefit of other nations, as they want to be politically correct and seem embarrassed that --at one time--we were the most powerful nation on earth.
China is nationalistic, and that is why they have had a quantum leap in closing the gap with the United States. The United States is globalist and even is the charity provider for the rest of the world. Nearly every international action taken by America is for the benefit of some nation other than the United States.
Volker is mincing words--this is what he is really saying. This is why we will have a crisis.
Volker crippled the economy for several years by raising the fed rate to 20%. It was way too drastic of a measure that caused great pain to many people. Of course the economy rebounded after he eased, but I would hardly credit him with 'fixing' the economy he was largely reponsible for destroying. On the plus side, destroying the economy under Carter gave Reagan an easy landslide victory, but the Iran hostage situation may have given Reagan the victory anyways.
This was my first thought.... but them again, I'm a fairly cynical person by nature. :-)
Cheers,
Lloyd
Was it Paul Volcker who wrote a book WITH George $$oro$? Or maybe he wrote the foreword. Either way it does seem that he supports this demon influenced anti-american.
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