Paul Volcker Comments on US Growth, Inflation Prospects
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Paul Volcker, who was recently appointed Chairman of the Economic Recovery Advisory Board by President Obama, is making some headlines today following comments he made at a meeting of the Institute of International Finance in Beijing:
- the US is likely to see growth in late '09
- a strong recovery is unlikely and unemployment will persist
- regulators should take steps to limit need for future bailouts
- inflation pressures unlikely for some time
- years of large fiscal deficits are ahead for the US
- china external imbalances fueled US housing bubble
- global currency would ultimately be logical
- global currency is far from reality currently
- maintaining the value of the US dollar is in US and Chinese interest
- mark-to-market accounting rules added to instability
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