Paul McCulley: Fed’s Monopoly Power Over The Creation Of Money

Former PIMCO strategist, portfolio manager, and Chief Economist Paul McCulley warned about the credit bubble years before it burst.

Paul McCulley: Fed’s Monopoly Power Over The Creation Of Money

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Transcript

This week on wealth track a rare interview with prescient financial thought leader Paul McColley who warned of the forces leading to the Great Recession. What does he see building in the economy today.

They have government granted monopoly power over the creation of money from thin air. If I wanted to do it or you wanted to do it or anybody else wanted to do it, It's called counterfeiting and has a crime. Where it is the Fed's job. They're the only people who have the right to do it. That makes you powerful. If you have monopoly power over the creation of money.

Look for it this week on your local public television station and on WealthTrack.com.



About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver