Paul Volker - Bankster looter and Destroyer of the middle class

Posted by freedomforall 7 months ago to Business
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And that is Paul Volcker’s true legacy. At a time when the Fed’s credibility was “greatly diminished,” he restored to it the life-and-death power over the economy that it continues to exercise today. His “shock therapy” of the early 1980s broke the backs of labor and the unions, bankrupted the savings and loans, and laid the groundwork for the “liberalization” of the banking laws that allowed securitization, derivatives, and the repo market to take center stage. As noted by Jeff Spross in The Week, Volcker’s chosen strategy essentially loaded all the pain onto the working class, an approach to monetary policy that has shaped Fed policy ever since.
SOURCE URL: https://www.truthdig.com/articles/paul-volckers-long-shadow/


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  • Posted by exceller 7 months ago
    His is a good example of the significance of one powerful individual's actions carry.

    Both good and bad.

    Volcker loaded the bases for monetary policy still felt today.

    Hussein loaded the bases for government control that is still in place.

    The actions of Reagan were felt decades after he was gone.

    Trump's actions would be felt even longer.
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    • Posted by 7 months ago
      The method he used to manipulate the economy was designed to bankrupt individuals and small business and to line the pockets of the banking cartel.
      Want to limit loans? Then limit loans. There was never any need to increase the debt service on every loan by increasing interest rates. The excuse was that was a free-market approach. Hah! Rubbish. It was to steal from every productive customer and enrich looters. Volker should have been executed along with most of the banking cartel.
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