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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: russwinter3/1/2005 1:55:22 PM
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The great Paul Volcker gets little press in this Land of Oz economy, but he did have something to say recently:

Below the favourable surface [of the economy], there are as dangerous and intractable circumstances as I can remember.... Nothing in our experience is comparable…But no one is willing to understand [this] and do anything about it… We are consuming… about six per cent more than we are producing. What holds the world together is a massive flow of capital from abroad… it’s what feeds our consumption binge... the United States economy is growing on the savings of the poor… A big adjustment will inevitably become necessary, long before the social security surpluses disappear and the deficit explodes…We are skating on increasingly thin ice."
– Former Federal Reserve Chairman, Paul Volcker
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