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Former FED Chairman blasts current Feds for NOT listening to Trump

 
KingCrypto
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10/24/2018 08:00 AM
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Former FED Chairman blasts current Feds for NOT listening to Trump
Former Federal Reserve Chairman Paul Volcker, who has reached legend status in the world of central banking, isn't optimistic about current conditions.


When he looks around now, he sees "a hell of a mess in every direction," including a lack of basic respect for government institutions, a current Fed that seems to be following a completely arbitrary benchmark and a "swamp" in Washington run by plutocrats.

"At least the military still has all the respect. But I don't know, how can you run a democracy when nobody believes in the leadership of the country?" Volcker asks New York Times columnist and CNBC "Squawk Box" co-anchor Andrew Ross Sorkin in a column for the newspaper's DealBook section.

"Tall Paul" is most known for willfully taking the country into recession in the early 1980s to finally defeat the inflation that had been strangling the economy. Since then, he's lent his name to the "Volcker Rule" part of banking reform legislation that restricts risk-taking at big Wall Street institutions.

In a book set for release Oct. 30, Volcker laments the current state of conditions, particularly the monied interests eating away at the system of governing.

"There is no force on earth that can stand up effectively, year after year, against the thousands of individuals and hundreds of millions of dollars in the Washington swamp aimed at influencing the legislative and electoral process," he writes, according to Sorkin.

Volcker, in ailing health but not short of opinions, also seems unhappy with the Fed itself. Though it's unusual for former chairmen to comment on Fed matters, Volcker said there appears to be no "theoretical justification" for its 2 percent inflation target. He said the Fed is just one of the institutions in which people have lost confidence.

And he also dispels with the myth that presidents historically haven't tried to influence interest rates. Recounting a 1984 meeting he had with former President Ronald Reagan, then-chief of staff James Baker flatly told Volcker, "The president is ordering you not to raise interest rates before the election."

"I was stunned," Volcker said.

Read the full account of the Volcker interview here.
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KingCrypto
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10/24/2018 08:16 AM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
Didyabringyabongalong​

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10/24/2018 08:44 AM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
If inflation isn't a concern and wages aren't rising what's the need for rate hike - contractionary monetary policy isn't needed?

The cynic in me says any sniff the working man is doing better then more leeches that can be added to bleed em a bit more. The conspiracy theorist in me says it's to undermine POTUS as Powell has been compromised and in response Trump is delivering tax cuts to working/middle class by November (more 5D Chess). The logician in me says it's precautionary and just adding training wheels to extend period of good growth (I bitch slapped that cunt and told him stfu!)


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New World Man

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10/24/2018 09:01 AM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
The FED works for THEIR best interest not in America's best interest.
jake

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10/24/2018 09:53 AM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
Trump needs to fire his resident idiot

right now
Evil controls the ignorant... Climate change is a hoax so is the vax you have been fear-porned into compliance!

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Theobromine The Deplorable

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10/24/2018 09:54 AM

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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
If inflation isn't a concern and wages aren't rising what's the need for rate hike - contractionary monetary policy isn't needed?

The cynic in me says any sniff the working man is doing better then more leeches that can be added to bleed em a bit more. The conspiracy theorist in me says it's to undermine POTUS as Powell has been compromised and in response Trump is delivering tax cuts to working/middle class by November (more 5D Chess). The logician in me says it's precautionary and just adding training wheels to extend period of good growth (I bitch slapped that cunt and told him stfu!)


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 Quoting: Didyabringyabongalong


I totally agree...and I love the way you divided up your "thinking"...I'm a gonna try it...

hfbumphf
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Zetetic Ben

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10/24/2018 09:59 AM

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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
There should never have been a fed in the first place. There should be no other talk about anything other than its complete removal and a return of the issuance of currency back to the treasury where it belongs. Woodrow Wilson sold us out.
Proud Trump Supporter

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10/24/2018 10:07 AM

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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
President Trump's goal is to eliminate the Federal Reserve along with the Central Banks that has got the entire globe into this sorry financial mess by passing out loans with interest creating a system of never-ending debt. There is no good financial reason for a private corporation (Federal Reserve) to be in control of the US monetary system. The US should have it's own national bank if it wants to get back into the black. Meanwhile, expect a global financial reset (likely this year) to occur where the different countries monetary system go to asset backed currency and expect a surge in crypto currency as a means to track wealth.

Last Edited by Proud American Supporter on 10/24/2018 10:07 AM
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Carnac

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10/24/2018 10:52 AM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
The FED works for THEIR best interest not in America's best interest.
 Quoting: New World Man


That is 100% truth. Always has been and will remain that way until we END THE FED
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Wondering Mind

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10/24/2018 11:03 AM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
I like what Paul Volcker has to say I see things the same as he does, except the complex financial banking parts.
I am no banker and do not have that knowledge except on a personal consumer level.

I really like what he thinks and the way he thinks.
Too bad we could not have gotten him appointed over the FED.
I like him a lot.

catdance
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Theobromine The Deplorable

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10/24/2018 11:12 AM

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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
I like what Paul Volcker has to say I see things the same as he does, except the complex financial banking parts.
I am no banker and do not have that knowledge except on a personal consumer level.

I really like what he thinks and the way he thinks.
Too bad we could not have gotten him appointed over the FED.
I like him a lot.

catdance
 Quoting: Wondering Mind


He was a Legend in his own time...and still is respected.

He presided over the CRASH OF 1987 - Black Monday when the stock market lost 22% IN ONE DAY!!!

I am glad to see he is weighing in.

Last Edited by Theobromine on 10/24/2018 11:13 AM
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Kodiak Island

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10/24/2018 01:12 PM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
More 4 d chess. New Fed Charman is playing along with Trump. Trump knows the system is coming down and he’s going make it look like it’s the Feds fault... which of course it is.
Kodiak
Movalong

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10/24/2018 01:17 PM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
Good cop, bad cop... Yawn.
1guynAz

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10/24/2018 01:55 PM

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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
Yeah, you're all correct! The FED is trying to 'influence' the election and that should be illegal.

I want the President to do what JFK tried to do before he was killed and---

GET RID OF THE FEDERAL RESERVE!!!!

They are a criminal entity to our Republic and should be taken out however it can be done!

Just IMO of course....but I know there are many that feel this would be justice!
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The Watcher from Earth

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10/24/2018 03:24 PM
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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
Cant wait to play red dawn with Republicans for real when the revolution hits. Playing good guy vs bad guy with real guns seems exciting.
The Watcher
DestinyAKA-Des

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10/24/2018 03:26 PM

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Re: Former FED Chairman blasts current Feds for NOT listening to Trump
5 gold stars
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