by Doug Noland, PrudentBear.com:
Global de-risking/de-leveraging starts to gain some traction.
Legendary Fed Chairman Paul Volcker spoke again this week before the New York Economics Club. I’ve included large portions from his talk below. As a member of the Federal Reserve going back to the early 1950s’, Mr. Volcker offers incomparable experience and insight. The comments from this honorable statesman are always worthy of careful consideration.
Mr. Volcker has myriad issues with contemporary central banking and is no fan of the Fed’s dual mandate. When asked for his preferred central bank mandate, he referred to the Bundesbank and monetary stability before providing the following: “A central bank is in charge of the currency. And the responsibility is for a stable currency.”
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