Source: BT, 15 Oct 2008
Paul Volcker, nicknamed the Inflation Slayer (for defeating double-digit inflation in the US during his Fed tenure from 1979 to 1987), was the former US Fed Chief. He made these comments recently.
He warned of "disturbing trends: huge imbalances, disequiliberia, risks."
"Altogether, the circumstances seem to me as dangerous and intractable as any I can remember, and I can remember quite a lot."
"I have been around for a while, I have seen a lot of crises but I have never seen anything quite like this one."
"I believe we are entering a recession of unknown duration."
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