Volcker speaks - something rather basic is amiss

The body is shot but the mind is still sharp. Volcker’s speech to the Economics Club of New York is worth listening to for a straightforward overview of where we are and how we get here.

mms://media2.bloomberg.com/cache/vl8TvJRLodUg.asf

“something rather basic is amiss”
“has failed the test of the marketplace”
“you don’t have to predict it, you’re in it”
“long sustained the unsustainable”
“the 40 years of relative tranquility were the exception, not the norm”

Still listening, the guy is class.

The Basic Principles have not changed.

And he’s a Barack Obama supporter.

Not bad for an old dude.

Anywhere I can get a transcript?

It’s not a transcript, but it is an article on what he said.

Volcker Article

There is something I suspected that is happening for a while. Bernanke is acting for the Bush administration. Bush has been very unhappy that the EU countries i.e. France and Germany did not come on side when he invaded Iraq. A weakening dollar and a run to the Euro will make it much harder for produce of the EU to compete in World trade, because of the appreciation of the Euro. Mr Volcker’s above comments lends credence to this view.

Com’n - its nothing to do with iraq/europe. Bernanke fears a deflation spiral could lead to another great depression and so is saving wall st at the expense of the dollar. However his actions could lead to a hyper inflationary depression that is just as bad - according to these guys netcastdaily.com/broadcast/fsn2008-0412-2.mp3

Okay! I have just been thinking out loud. But you have to admit that the USA would not be in the hole it is in, in Iraq, if more support came from mainland EU. Watch how Uncle Sam will start withdrawing its troops from Europe; no matter which US President is in power. The Lisbon Treaty is full of sections on defence.

dont you guys remember the

“where’s my contract?” after the 1991 Iraq war?

France Germany remembered well that they didnt get a look in to rebuild Kuwait after paying to be in the coalition.

Europe was digging its heels ever since. the EU stood up and said no during the 1993 GATT talks.

The only companies making money in the USA are those selling their goods to foreigners. the USA is fast becoming the china of the 21st century. GM workers on $14/hour, what’s that minimum wage elsewhere!