Ex- US Federal Reserve Chairman Paul Volker: "We are skating on increasingly thin ice."

Former Fed Chairman Paul Volker, as a keynote speaker in Stanford for Economic Policy Research last February 11^th, goes on the record to lambaste his successor’s policies, and highlighted the growing risk that may that may turnout to be catastrophic to the financial markets and global economy…

"Below the favourable surface [of the economy], there are as dangerous and intractable circumstances as I can remember.... Nothing in our experience is comparable…But no one is willing to understand [this] and do anything about it…"

"We are consuming… about six per cent more than we are producing. What holds the world together is a massive flow of capital from abroad… it’s what feeds our consumption binge... the United States economy is growing on the savings of the poor… A big adjustment will inevitably become necessary, long before the social security surpluses disappear and the deficit explodes."

"We are skating on increasingly thin ice."