Black People : Who is Paul Volcker?

Discussion in 'Black People Open Forum' started by Putney Swope, Sep 15, 2009.

  1. Putney Swope

    Putney Swope Well-Known Member MEMBER

    Jun 27, 2009
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    This was the wonderful genius that destroyed the gold standard or any REAL value placed on the US dollar, which allowed the nations gold reserves to go from the Governmenmts Fort Knox to the privately and mostly United KINGDOM owned Federal Reserve.

    He did this marvelous piece of sabotage and economic Terrorism, from....
    where else?
    As chairman of the Federal Reserve under Ronald Reagan;

    From 1969 to 1974 Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions surrounding the U.S. decision to suspend gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, leaving to take up the chairmanship of the Federal Reserve in August 1979.

    Also a member of the CFR, Trilateral Commision and the Illuminati secret sector from the United KINGDOM "The Pilgrim's Society"

    Even today it’s members consist of the wealthiest businessman and the most influential politicians. It was erected over a century ago and meets at least 2 or 3 times a year. Still, 99% of the world has never heard of it. We’re talking about the Pilgrims Society. An aristocratic Anglo-American dining club who’s members keep themselves informed by inviting politicians to make a speech. The primary purpose of this club is to keep the ties between the United States and Britain as strong as possible. The official reason was, and is, that the forefathers of most Americans from the Virginia and New York area emigrated from the British Isles, therefore they share a common heritage.

    They are blood brothers so to speak. Of course, the obvious reason was to form an unofficial alliance with the United States to improve the strained relations and to vastly increase the powers of the dwindling British empire. The heart of the British empire and the later British Commonwealth became the Pilgrims Society, it’s philosophies dominated by the executives of the upcoming mega corporations, largely located in the City of London and the city of New York.

    The London chapter of the Pilgrims Society was established on July 11, 1902, followed by a New York chapter on January 13, 1903. It’s patron is the British monarch, who has plenty of representatives attending the meetings. A member of the Royal family usually attends the London diners.

    As you’ll find out by looking at the membership list, the Pilgrims Society has clearly fused together the business centers of New York and London, together with a large portion of the political centers of both nations. Ninety percent of the American members are top-level bankers and businessmen from New York city.

    Only a couple of Pilgrims own or chair companies with headquarters in Boston or Philadelphia. Businesses that have their headquarters in any other location than this small part of the north-east corner of the United States don’t seem to be represented at all (do keep in mind that recent data is sketchy). Relatively few government officials from Washington are recruited into the Pilgrims Society. Officials from outside the UK or US visit the club occasionally. In the past they usually came from countries incorporated within the British Empire or the Commonwealth, most notably Canada and Australia.

    A mistake usually made when people refer to this society, is when they call it the ’Pilgrim Society’, because this name hasn’t been used that often. The most often used name is the ’Pilgrims Society’, sometimes spelled as ’Pilgrim’s Society’. You might think this isn’t such a big deal, but when you search the internet or some archives for the ’Pilgrim Society’, you will hardly find any official sources, simply because they all refer to the ’Pilgrims Society’. The name ’Pilgrims Society’ is also unique, so you won’t confuse it with this one. Also try searching on ’The Pilgrims’ or more specifically, the ’Pilgrims of the United States’ and the ’Pilgrims of the United Kingdom’/’Pilgrims of Great Britain’.

    The club is secret. It might be one of those ’open-secrets’, but it’s secret nonetheless. If it wasn’t, we would have read about it in the history books, we would know all the details of the meetings, and we would have membership lists in the public domain. It is possible to find quite a bit of information in regular newspaper archives, but you really have to look for it. It takes forever to piece the story together. For example, The Scotsman made numerous references to it in the first half of the century (archives are only available up to 1950 atm). Time Magazine made them much less, but still referred to the club once every few years. After 1958, Time only mentioned the club 2 or 3 times, even though meetings continued as usual. Other newspapers in the U.S., like the New York Times and the Washington Post have referred the Pilgrims at times.

    full article;
  2. Putney Swope

    Putney Swope Well-Known Member MEMBER

    Jun 27, 2009
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    After that he worked for some real Illuminati

    The Rothschilds;

    After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, J. Rothschild, Wolfensohn & Co., a corporate advisory and investment firm in New York, run by James D. Wolfensohn, who was later to become president of the World Bank
  3. Putney Swope

    Putney Swope Well-Known Member MEMBER

    Jun 27, 2009
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    So the question remains

    what would cause an intelligent young progressive Black Democrat , promising change,
    appoint a low life creep like this as advisor within less then one month in office?
  4. Ankhur

    Ankhur Well-Known Member MEMBER

    Oct 4, 2009
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    owner of various real estate concerns
    Volcker Looms Larger as Ties With Bernanke Strengthen (Update1) Share Business ExchangeTwitterFacebook| Email | Print | A A A
    By Rich Miller

    Feb. 2 (Bloomberg) -- Paul Volcker is enjoying increased influence with the Federal Reserve as well as the Obama administration, central bank records show.

    Volcker, who headed the Fed from 1979 to 1987, met current chairman Ben S. Bernanke six times in the year through November, the latest month that the Fed has made its records available. In the prior year, the two men only got together once.

    “Volcker has had very strong views on regulation going way back,” said Lyle Gramley, who served as a Fed governor under Volcker and is now a senior economic adviser to New York-based Potomac Research Group. “It would be logical for Bernanke to talk to him about financial reforms” as policy makers wrestled over how to prevent another crisis.

    Bernanke in the past year has advocated tighter rules for banks’ capital, leverage and liquidity, moving closer to Volcker’s view that more regulation is necessary to protect the financial system. “We cannot lose sight of the need to reorient our supervisory approach and to strengthen our regulatory and legal framework,” Bernanke said in a speech on Oct. 23.

    That contrasts with the warning in the 2006 Economic Report of the President that excessive financial regulation can stifle innovation and productivity. As chairman of George W. Bush’s Council of Economic Advisers before taking over at the Fed, Bernanke helped draw up that report.

    ‘Volcker Rule’

    With the 82-year-old former Fed chief at his side, President Barack Obama on Jan. 21 urged the adoption of what he called the “Volcker rule” under which commercial banks would be prohibited from owning hedge funds and private equity funds and be limited in how much they could trade for their own account.

    “Hedge funds, private equity funds and trading activities unrelated to customer needs and continuing banking relationships should stand on their own, without the subsidies implied by public support for depository institutions,” Volcker said in testimony prepared for delivery to the Senate Banking Committee later today.

    Five of the meetings between Bernanke and Volcker during the past year were one-on-one. They met a sixth time when Bernanke attended a session of Obama’s Economic Recovery Advisory Board, which Volcker heads. Fed spokeswoman Michelle Smith declined to comment on the meetings.

    As contacts between the two increased over the past year, Volcker has become more supportive of Bernanke and the Fed, backing the central bank chief for a second term and supporting his efforts to keep the Fed’s bank-supervisory role.

    Bernanke’s Role

    “Ben has been through the fire,” Volcker said in a telephone interview. “He’s much better qualified now than he was four years ago, before he went through that experience.”

    The Senate on Jan. 28 voted 70 to 30 to confirm Bernanke, 56, to a second term as Fed chairman.

    Volcker initially voiced concern about the Fed’s actions in combating the crisis, telling the Economic Club of New York in April 2008 that the central bank had acted at “the very edge” of its legal authority in helping to rescue Bear Stearns Cos.

    When he next appeared before the club, on Jan. 14, Volcker devoted much of his speech to a pitch for the Fed to retain a role as a financial supervisor. His comments came a day after Bernanke sent an 11-page paper making the same argument to members of the Senate Banking Committee.

    Asked about his earlier misgivings about the Fed’s actions, Volcker replied, “A number of things were done that make me squirm. That doesn’t mean they weren’t important. I think they made Mr. Bernanke squirm” too.

    Fed’s Approach

    “What happened is that things played out a little differently” than Volcker expected, said Robert Kavesh, an economics professor at New York University who has known the former central banker for six decades. “The Fed had to look at all the alternatives” in trying to revive the economy from its deepest decline since the 1930s, added Kavesh.

    Volcker was right to be concerned that the Fed’s actions in rescuing financial institutions and combating the crisis might open it up to political criticism, said J. Alfred Broaddus, a former president of the Federal Reserve Bank of Richmond.

    “The level of anger with the Fed is greater now” than it was back in the early 1980s, when Volcker pushed interest rates up to 20 percent to bring down inflation, said Broaddus, who was a lower-ranking Richmond Fed official at the time.


    That anger -- and the threat it poses to the central bank’s independence -- may have convinced Volcker to step up his support of Bernanke and the Fed, said former Fed economist David Jones, president of Denver-based DMJ Advisors and author of four books on the central bank.

    “His dedication to the principle of central banking independence has no limits,” added Neal Soss, who served as Volcker’s assistant from 1981 to 1983 and is now chief economist for Credit Suisse Holdings USA Inc. in New York.

    Volcker endorsed giving the Fed the power to guard against risks to the financial system as a whole in an opinion article in the New York Times on Jan. 30.

    He also agrees with Bernanke that the Fed’s supervisory role is integral to its ability to set monetary policy.

    “What seems to me beyond dispute, given recent events, is that monetary policy and the structure and conditions of the banking and financial system are irretrievably intertwined,” he told the Economic Club last month.

    At the same time, Volcker appealed for help in fighting bank lobbyists that he said were promoting “reform lite.”

    Lobbying Effort

    “There is heavy lobbying on the other side, and that has to be overcome,” he said.

    The former Fed chairman does have the backing of a number of Wall Street veterans. John Reed, 70, who helped engineer the merger that created Citigroup Inc. in 1998 and lobbied Congress to remove legal barriers between commercial and investment banking, said last year that he now thinks banks with insured deposits should be segregated from activities like trading bonds and stocks.

    Henry Kaufman, president of Henry Kaufman & Co. in New York and a former vice chairman of Salomon Inc., last month called the proposal to strip commercial banks of some lines of business a step in “the right direction.”

    “Institutions should be downsized to a level where no institution is too big to fail,” said Kaufman, 82, who earned the nickname Dr. Doom, for his gloomy economic forecasts, during Volcker’s tenure atop the Fed.

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