Oct. 22 (Bloomberg) -- Opaque financial instruments in the U.S. have created an ``unprecedented'' financial crisis that needs to be repaired by rebuilding the banking system, said former Federal Reserve Chairman Paul Volcker. http://www.bloomberg.com/apps/news?pid=20601087&sid=aCGOAM_a6kTc&refer=home
The US needs to rid itself of the Moral Hazard that literally creates these inflationary boom-bust cycles - the FEDERAL RESERVE. Return to a commodity-backed or non-debt currency issued by GOVERNMENT - not banks - and we'd see a financial Renaissance in this Country and the end of apocalyptic risk taking. Until the FED is destroyed, the only change will be more consolidation of banking, financial and taxing powers.
Vote for Obama Volker is Obamas lead banking advisor. It will happen only if you vote for Obama. Voting for any republican is digging your own childrens grave.
hah. No. Wilson even said so, himself: "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."
Can it work? With guaranteed deposits what use does the Fed actually provide. It was supposed to be a lender of last resort but it doesn't look like it did much to this credit crunch. And the interest rate should be determined by the market. The problem as always though, is greedy CEOs who would rather get paid $30 million a year for 5 years, then run the company into the ground because they issued billions of derivatives and run away to the Caribbean. How do you fight these people? Some kind of prison term for any failing CEO?
At least Wilson went to his grave knowing what he had done, and that it was so very wrong. Maybe the next republic will make sound money, owned by the people, and balanced budgets, rather than deficits to the moon allowed by government without limits. Unfortunately Volcker would be the last person on earth that would be willing to rid us of it. Were he willing, he'd be the most capable there was to do it.