Tuesday, September 28, 2010

Volcker the Gold Watcher

Lew Rockwell emails:

In 1979, Paul Volcker invited all the members of the Senate and House Banking Committees to breakfast, one by one--something one could never imagine the subsequent chairmen doing. In any event, Ron and I had arrived early, and were in the chairman's private dining room, talking to an aide, when the beautifully dressed and extremely impressive Volcker burst into the room, and as he hung up his coat, back to the room, asked in urgent tones, "What's the price of gold? What's the price of gold?" He also smoked his cigar after breakfast, in a freer America.

So interesting that with the firing of Miller and the appointment of Volcker, the banks, Wall Street, and enough of the other parts of the ruling class had decided on deflation. It makes me nostalgic for Rockefeller as versus Soros.

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