Volcker citat US
Former Fed Chairman Paul Volcker said this at a recent conference, held at the Stanford Institute for Economic Policy Research:
"Below the favorable surface [of the economy], there are as many
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."
mvh/zip