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World Finance Watch
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<blockquote data-quote="CaryP" data-source="post: 24560" data-attributes="member: 34"><p><strong>Re: World Finance Watch</strong></p><p></p><p>I've got a few posts for the thread. This first one is an article written by Paul Volcker. For those of you who don't remember Volcker, he was Greenspan's predecessor, chairing the Fed from 1979 to 1987. Volcker was hated in his first few years of tenure because he raised interest rates to curb inflation. The Fed's Discount Rate was pushed north of 20% under Volcker's guidance. A lot of businesses went bankrupt because of the high interest costs associated with this move. It was also the last few years of the secular bear market that lasted from 1966 into 1982. Volcker did what was "right" for the economy in the long run. Greenspan is focused only on the short run, and has shown a marked unwillingness to take politically unpopular moves at the Fed. Okay, I'll shut up (soon, very soon). But when Paul Volcker describes the U.S. economy as "on thin ice," it generally pays to sit up and take notice. No, he's not calling for the end of civilisation, but he does talk about the systemic risks that are out there, more than any of the numbskulls we have at the Fed now.</p><p></p><p>Cary</p><p></p><p><a href="http://www.washingtonpost.com/ac2/wp-dyn/A38725-2005Apr8?language=printer" target="_blank">http://www.washingtonpost.com/ac2/wp-dyn/A...anguage=printer</a></p></blockquote><p></p>
[QUOTE="CaryP, post: 24560, member: 34"] [b]Re: World Finance Watch[/b] I've got a few posts for the thread. This first one is an article written by Paul Volcker. For those of you who don't remember Volcker, he was Greenspan's predecessor, chairing the Fed from 1979 to 1987. Volcker was hated in his first few years of tenure because he raised interest rates to curb inflation. The Fed's Discount Rate was pushed north of 20% under Volcker's guidance. A lot of businesses went bankrupt because of the high interest costs associated with this move. It was also the last few years of the secular bear market that lasted from 1966 into 1982. Volcker did what was "right" for the economy in the long run. Greenspan is focused only on the short run, and has shown a marked unwillingness to take politically unpopular moves at the Fed. Okay, I'll shut up (soon, very soon). But when Paul Volcker describes the U.S. economy as "on thin ice," it generally pays to sit up and take notice. No, he's not calling for the end of civilisation, but he does talk about the systemic risks that are out there, more than any of the numbskulls we have at the Fed now. Cary [url=http://www.washingtonpost.com/ac2/wp-dyn/A38725-2005Apr8?language=printer]http://www.washingtonpost.com/ac2/wp-dyn/A...anguage=printer[/url] [/QUOTE]
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