Paul A. Volcker Interview by Charlie Rose (Sept 29)

Paul A. Volcker interview by Charlie Rose on the economy.
Paul A. Volcker is an American economist, government official, and banker. After working as an under secretary in the Treasury Department (1969-74) and as president of the New York Federal Reserve Bank (1975-79), he was appointed the chairman of the Board of Governors of the Federal Reserve System in 1979. He pursued a restrictive monetary policy to combat inflation but was forced by a stagnant economy and high unemployment to support increased monetary growth during the mid-1980s. Volcker was succeeded as Federal Reserve Board chairman by Alan Greenspan in 1987. He subsequently was successful as an investment banker, retiring in 1996.

In 1999 an official panel he headed that investigated Swiss banks’ handling of the accounts of Holocaust victims issued a report that was critical of the banks but did not recommend any changes in a settlement reached in 1998 (see Holocaust). Volcker became chairman of the International Accounting Standards Committee Foundation in 2000 and, in the wake of the Enron bankruptcy, headed (2002) an independent oversight board at Arthur Andersen, the accounting firm that was responsible for auditing Enron. He also chaired (2004-5) the UN’s investigation into wrongdoing in the UN oil-for-food program for Iraq. Volcker is the author, with Toyoo Gyohten, of Changing Fortunes: The World’s Money and the Threat to American Leadership (1992).

See biography by J. B. Treaster (2004); study by W. Greider (1988).

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Volker quotes:

The Problem:
"Global economy is quite imbalanced"
"We buy a lot of imports"

The Fix:
"We need to save more, China needs to consume more."
"We need to manufacture more goods and sell more goods abroad."
Volker interview Part II

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

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