This was thirty years ago in the early 1980s when Paul Volcker was the formidable Fed chairman and his conservative convictions triumphed. Volcker is remembered reverently in the annals of finance for saving the country from inflation. Nancy Teeters, the lonely dissenter, was soon forgotten but she understood some things about human society and arrogant power that her male colleagues failed to appreciate. Those long-ago events during the Reagan presidency were at the dawn of the conservative era and—due especially to the Federal Reserve—began the triumph of finance capital over the broader economy. I wrote a book in 1987 that described the historic watershed, called Secrets of the Temple: How the Federal Reserve Runs the Country. Teeters was right. If other Fed governors had listened, this country might have been saved from a lot of pointless pain.
Posted on: Wed, 26 Nov 2014 03:22:26 +0000
Trending Topics
Recently Viewed Topics
© 2015