'..It’s not clear to me how the global system doesn’t turn increasingly unstable, which I believe explains why the ECB and now the Fed have resorted again to QE.
Question: “When you first became chair, you were spotted numerous times carrying Paul Volcker’s book under your arm – and I’m curious what lessons did you learned from Paul Volcker and what lessons are you taking through your chairmanship?”
Jerome Powell, October 8th, 2019, during Q&A at a National Association of Business Economics event in Denver: “I’ve known Paul Volcker since I was an Assistant Secretary in the Treasury in 1992 or 1991. Of course, at that time, he had just relatively recently left the Fed - and I was frightened of even meeting him. I was just so intimidated by this global figure. And he couldn’t have been nicer and more interested in helping me and supporting me and we kind of kept up. He was really a great person to know. I read numerous accounts of his life. This book, if you haven’t read it, really sums it up really well. I don’t think there has been a greater public servant in our broad area in our lifetimes. He really just did exactly what he thought was the right thing – all the time. And he lets the chips fall where they may. He was famously booed at a Washington Bullets basketball game when he had rates very high… He’s a great man. I’m still in touch with him. I actually thought that I should buy 500 copies of this book and just hand them out at the Fed. I didn’t do that. It’s a book I strongly recommend, and we can all hope to live up to some part of who he is.” '
- Doug Noland,
What the Heck is Happening in the Cayman Islands? October 12, 2019
Context (Banking Reform - English/Dutch) '..a truly stable financial and monetary system for the twenty-first century..'Paul A. Volcker,
Keeping At It: The Quest for Sound Money and Good Government, 2018
IMF October 2019 report(Story) – ‘..those BIS dissidents are muttering in the wings.’