Back to the Future in Finance
While former US Fed Chairman Paul Volcker provided the central inspiration for Barack Obama’s recent proposal for overhauling banking, he has also been a prominent critic of the dangers of currency volatility. Returning to fixed exchange rates would run counter to almost every argument of modern economics, but, at a moment when we are looking to the past for financial solutions, it is no longer unthinkable.
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FLORENCE – Former Federal Reserve Board Chairman Paul Volcker provided the central inspiration for President Barack Obama’s proposal for overhauling banking. Without question the most successful central banker of the twentieth century, Volcker was an early and persistent voice warning of the problems of what he called “the bright new financial system.”