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Author Topic: 2013-04-08 CNN Money - Volcker: Central banks are too aggressive  (Read 970 times)
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April 08, 2013, 11:27:39 PM

Former Federal Reserve chairman Paul Volcker warned Monday about potential dangers from what he calls "unorthodox" and aggressive moves by central banks around the world.

Central banks, including the Fed, could eventually inflict more harm by "what they're doing with their portfolio to save the world economy," said Volcker speaking alongside Sir John Vickers, the chair of the U.K.'s independent commission on banking, at NYU Stern School of Business early Monday.

"Central banks are no longer central banks," said Volcker. "I think it gets dangerous when they lose sight of the basic function of the central bank."

Volcker said that rather than trying to stay out of the market as much as possible and simply tinker from the sidelines, central banks have been aggressively trying to influence economic growth and even inflation.

"The central bank is not an all-powerful tool," he warned.

Not a direct story about Bitcoin, but relatively important as it captures exactly the sentiment that is inspiring the Bitcoin revolution.

Do as thou wilt shall be the whole of the law.
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April 09, 2013, 07:53:02 AM

Paul Volcker is a prominent figure in financial markets.  He's the guy who suppressed inflation and killed the gold boom in the 70s, IIRC.   I'd be very interested in hearing his thoughts about bitcoin.
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...and the BitcoinKid

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April 10, 2013, 12:36:29 AM

If he's just discovering this fact now .... we're in trouble lol.  Predator banking and the banks overreaching power & authority is a BIG problem now.  One I personally hope bitcoin is a solution to.

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