Tag Archives: Paul Volcker

The death of Margaret Thatcher reminds us all of the power of ideas, when allied to guts and leadership, to change the world. She identified one area of national life after another where restrictions and old ways of doing things were holding back innovation and the spirit of enterprise that lay dormant in the British…
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As Jacob (“Jack”) Lew, the ex Citibank man who has succeeded Tim Geithner as US Treasury Secretary, surveys his inheritance, one thing he will probably not be worrying about is the dollar. Perhaps he should. True, prospects for the US currency have brightened recently. This reflects the new spring in the step of the American…
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Last Tuesday I went along to the Adam Smith Institute to listen to Brendan Brown launch his new book, “The Global Curse of the Federal Reserve”.   Brendan picked out three channels through which  central banks’ ultra-low interest rate polices can trigger asset price inflation (followed invariably by a crash):   Central bank pegging of…
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  One very senior former policy-maker has written to express his broad agreement with the analysis in The Money Trap. He cites three sentences on page 33, which sum up my review of the performance of the world economy since the collapse of Bretton Woods in the early 1970s: “The severity of the financial crisis…
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  I have mentioned the familiar names – Tucker, Vickers, Turner, Burns. Of these Paul Tucker has the deepest grasp of the issues the new governor will confront, and he is getting encouragingly more radical on bank reform – like everybody else. Even Lord Turner has been asking questions about the whole viability of fractional…
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    In investment terms, we face a scenario that says neither bonds nor equities are likely to rise.  The ‘uncertainty’ is greater than ever.  And it is ‘uncertainty’ that drives people into gold, not relative values in paper currencies.  We have to think that gold is the central thing around which everything else moves….
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Lord Rees-Mogg, former editor of The Times, London and doyen of British commentators, has called for a reform of the global financial system (GFS). Rees-Mogg quotes Paul Volcker, who in a recent interview described the present period as one of the most difficult in history: “This is a recession on top of a complete financial…
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The appalling UK GDP figures, which mark the longest period of contraction for 100 years, plus the weakening of US and Euro area economies, provides yet further evidence that current policies everywhere are failing. Yet the debate on what to do is getting nowhere. The sterile argument between Keynesian expansionists and advocates of austerity continues. That…
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I started writing The Money Trap two years ago because I had become irritated by the narrow terms in which the economic debate was being conducted. In all advanced countries, the same arguments, between those who wanted more expansionary policies and those who insisted on more austerity, rolled on without resolution – and without producing…
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