Former Head of the Federal Reserve:
Volcker: U.S. Economic Crisis Imminent
NewsMax.com Wires
Friday, June 10, 2005
Former Fed Chairman Paul Volcker said he doesn't see how the U.S. can keep borrowing and consuming while letting foreign countries do all the producing.
It's a recipe for American economic disaster.
On Thursday the Wall Street Journal reported bluntly that "Mr. Volcker thinks a crisis is likely."
Volcker believes that investor confidence could fade "at some point," he said, with "damaging volatility in both exchange markets and interest rates."
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