Paul Volcker on the response to the financial crisis

with Paul Volcker
in Business part of The Financial Crisis
on Thursday, October 9, 2008 * * * * *

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Paul Volcker on the response to the financial crisis

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Keywords:
paulson
economy
credit crisis
wall st.

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    1. JohnGelles  08/12/2010 05:15 PM Report

      This discussion continues some of the discussion on the interview with Bernard Schwartz on his plan for federal investment in infrastructure NOW-- before a licking in November on account of a jobless recovery now and what will seem like forever. That discussion is at--

      http://www.charlierose.com/view/interview/11152

    2. JohnGelles  08/12/2010 04:53 PM Report

      Paul Volcker is two years younger than I am. His common sense in this one minute statement-- that we need a comprehensive approach to recovery in America, and the whole world-- is fair criticism of the powers that be here and abroad. Their failure costs other people dearly.

      "Hell may be other people", as Sartre thought. It is certainly today's world leaders, when, with Hitler and Stalin long dead, they have yet to listen to FDR's call for a Second Bill of Rights.

      When the call was issued, on 11 January 1944, the world was following the rules of the Lerner-ian school of money systems on purpose. And, perhaps for that all encompassing fact, FDR forgot to mention that money to pay for economic rights is found by production on purpose (the purpose being to sustain economic democracy) and NOT by--

      ..... ..... the temporarily suspended endlessly complex system of sovereign power and legally collectible debt-- whose purpose is consumer freedom to fail and producer freedom to do the same.

      We know that the purposes of peace can be as important as the purposes of war. We owe it all the victims of wars after the industrial revolution to experiment with wartime finance as the approach to what Volcker recommended.

      If you have better ideas-- please let us hear them here.