Wednesday, 03 December 2008

Former Fed Chief Volcker to Lead Obama Economic Recovery Team

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Paul Volcker (Former Fed.Res.Board Chairman)On November 26, President-elect Barack Obama named former Federal Reserve Board Chairman Paul Volcker to head what he calls his Economic Recovery Advisory Board. Volcker was appointed to the Federal Reserve in 1979 by President Jimmy Carter and was later reappointed by President Ronald Reagan.

A longtime Wall Street insider and a heavyweight in international circles, the 81-year-old Volcker joined the staff of the Federal Reserve Bank of New York as an economist in 1952. Five years later he left the Fed to join the staff of the Chase Manhattan Bank run by David Rockefeller, becoming one of his chief protégés and agents. His close association with the Rockefeller family and Rockefeller business and political interests continues to the present. In 1973 he was a founding member with Rockefeller of the Trilateral Commission (David Rockefeller still serves as honorary chairman, Volcker as honorary North American chairman) and a member of the Council on Foreign Relations (David Rockefeller former chairman, now honorary chairman). For more than 30 years, Volcker has been a member of the Trust Committee of the Rockefeller Group, Inc., which manages much of the Rockefeller family's financial affairs. He is also chairman of the board of the little known, but highly influential, Group of Thirty (G30), a policy "think tank" of central bankers launched in 1978 under the auspices of the Rockefeller Foundation.

Volcker is a former director of the United Nations Association of the USA (UNA-USA), the principle organization promoting increased funding and authority for the UN, and was chairman of the "Independent Inquiry" into the UN's scandalously corrupt "oil for food" program. Volcker's inquiry ended up being more whitewash than inquiry, allowing UN-Secretary General Kofi Annan and other high-level officials responsible for theft of billions of dollars to get off virtually scot-free.

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Photo: AP Images