The Wall Street Journal
September 23, 2010, 4:38 PM ET
By Damian Paletta
Former Federal Reserve Chairman Paul Volcker scrapped a prepared speech he had planned to deliver at the Federal Reserve Bank of Chicago on Thursday, and instead delivered a blistering, off-the-cuff critique leveled at nearly every corner of the financial system. LINK...
***A VERY IMPORTANT VIDEO!***
The Video by Thompson Reuters...LINK...
Volker: "The financial system is broken!"
Pay attention to his comments on the TRILLIONS of dollars of "credit default swaps" that are most disturbing. BK
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The chairman of chairman, Mr. Volker helped return the U.S. economy to stability during the early 80's and I believe this is why the economy did so well during the 80's and 90's. He diagnosed the problem and prescribed the medicine. The medicine didn't taste good because he raised interest rates but after that we had a healthier economy until recently. The current administration refused to take the right medicine years ago and now we're stuck in a corner, with a problem that could last for decades. Obviously there must be a BIG problem in order to bring out someone like Mr. Volker. We believe the problem is "CONFIDENCE" in the USD and this is the cause for Gold to go much higher. BK
