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(Reuters) - Former Federal Reserve Chairman Paul Volcker warned on Friday that trillion-dollar deficits posed a threat to the stability of the U.S. economy and the dollar, and said he is frustrated by the gridlock in Washington.
Speaking before the World Affairs Council of Oregon, Volcker said that "prolonging trillion dollar deficits can't be a reality" and that the United States is on course to have its public debt exceed the size of its gross domestic product.
Volcker, who stepped down early this year as the chairman of President Barack Obama's Economic Recovery Advisory Board, said he was concerned about how the U.S. consumes and borrows "to the point that China, Japan and other foreign countries hold more than 5 trillion dollars of U.S. government obligations."
"Consider that statistic in the light of prospects for continuing deficits, doubts about future inflation and the international stability of the dollar," he said, noting that the U.S. is running out of time to fix things.
Originally posted by dawnstar
fannie wants more $$$$....
so well, don't think the tap is gonna be turned off anytime soon!!!