We care about all these thoughts and feelings and reactions of Paul Volcker not, as you might think, because they betray how he is showing the first signs of dementia and we want him to seek assisted living, but because Paul Volcker, and Paul Volcker alone, at some point was anointed the Finance Czar of Western Civilization, and we are all duty-bound to listen to and obey him every thought, whim, feeling, and hiccup when it comes to how we organize the rules and regulations that govern our financial system.I'm very pleased that Paul Volcker is very pleased. All is for the best, in the best of all possible (financial) worlds.
Do not be fooled by the fact that Paul Volcker has never been elected to any role in the United States Government. Do not be swayed by the fact that Paul Volcker currently holds no appointed let alone Congressionally-confirmed position in the United States Government. Do not get distracted by the fact that Paul Volcker holds no direct or indirect democratic or otherwise accountability to the populace over whose financial rules he deigns to preside. Just obey Paul Volcker as a god in all financial affairs. That’s all he asks. If Paul Volcker doesn’t want banks doing XYZ, banks shouldn’t do XYZ, and that’s what the regulations should say.
Tuesday, February 14, 2012
Paul Volcker gazes down on you and me, and is pleased with the view from the heights: