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Politics : The Obama - Clinton Disaster
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To: GROUND ZERO™ who wrote (8167)3/3/2009 8:08:51 PM
From: tntpal1 Recommendation  Read Replies (2) of 103300
 
PAUL VOLCKERS TESTIMONY ANSWERING CONGRESSMAN RON PAUL -- in the previous video link that was supplied by GZ. This segment is at 6 minutes into the testimony - the last 40 seconds of Volckers statement to Rep. Ron Paul:

"MAKE NO MISTAKE ABOUT IT - THIS IS A UNIQUE TIME IN ECONOMIC HISTORY [since Bretton Woods) WHERE THE WORLD IS [GOING] ON THE BASIS OF FIAT CURRENCIES AND THAT'S KINDA WHAT A LOT OF ECONOMISTS LIKE AND WE THOUGHT IT WAS A GOOD IDEA AND LET THEM [THE CURRENCIES] FLOAT UP AND DOWN AND YOU DON'T GET CONSTRICTED BY GOLD OR OTHER ARTIFICIAL ARRANGEMENTS - BUT IT'S A LITTLE TRICKY - IF YOU'RE GONNA GO ON IN A WORLD OF FIAT CURRENCY - YOU BETTER PAY ATTENTION TO THE STABILITY OF THAT CURRENCY AND THE MAINTAINABILITY OF THE CURRENCY AND I THINK WE ARE INCLINED TO FORGET ABOUT THAT."
Paul Volcker

At this point, Ron Paul was cut-off by Congressional time limits and was frustrated in not being able to continue...
Yes it's quite a scary commentary by Volcker in the above testimony - where he admits that economists do not want to be constrained by gold or other artificial arrangements. (WTF?)
To interpret what Volcker is really saying is that the government and its economists do not want to be constrained by real market forces nor by real money - which is gold.
And Prez. Obama is totally oblivious to the necessary stability and maintainability of the currency that Volcker requires for the system to work.
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