35 Burst results for "Volker"
AP News Radio
Hunger stike: activist's life in danger
"The head of the UN human rights office is calling for the immediate release of a prominent jailed activist whose leading a hunger and water strike in Egypt Volker took the UN high commissioner for human rights says that the activist a la Abdel Fattah is in great danger his dry hunger strike puts his life at acute risk The rights office is calling for all activists and others affected by climate change to have a seat at the table at the UN climate conference in shamal Sheik Meanwhile Abdel Fattah's family has become increasingly concerned about his health His mother lela swift once world leaders including British prime minister Rishi sunak to pressure the Egyptian government to release her son I'm Charles De Ledesma
The Breakdown
"volker" Discussed on The Breakdown
"Start your crypto journey at nexo dot IO. That's NE XO dot IO. Eager to make more informed decisions around crypto, chain analysis is here to help. She now is demystifies cryptocurrency by providing industry leading compliance, market intelligence, and investigations support for all crypto assets. For organizations like Gemini, crypto dot com and BlockFi. Gain unparalleled visibility and maximize your potential with the leading blockchain data platform. By visiting us now, at chain analysis dot com slash coin desk. The breakdown is sponsored by FTX U.S. FTX U.S. is the safe regulated way to buy and sell Bitcoin and other digital assets. With up to 85% lower fees than competitors. There are no fixed minimum fees, no ACH transaction fees, and no withdrawal fees. One of the largest exchanges in the U.S. FTX U.S. is also the only leading exchange that supports both Ethereum and Solana NFTs. When you trade NFTs on FTX, UK no gas fees. Download the FTX app today and use referral code breakdown to support the show. Next up, we're going to read a thread by James lavish that's all about chairman Powell. Fed chairman Powell has mentioned Volcker quite a bit recently, channeling his hawkish stance. But Powell is no Volcker, and this is not 1980. Time for a fed thread. Who is Volcker anyway? So who is this Paul Volcker character we keep hearing about? Like a Federal Reserve superhero or something. Why do we keep hearing his name 40 years after his so called moment at the fed? First, Paul Volcker was an economist by study and trade, having studied public and international affairs at Princeton, then public administration at Harvard grad school, and finally at the London school of economics. His first job was as an economist at the Federal Reserve bank of New York. He then worked alternating stints at the US Treasury and Chase Manhattan bank before returning as the president of the New York fed. Then, 27 years into his career, he was appointed chairman of the Federal Reserve. In contrast, current fed chairman Jerome Powell is a lawyer slash politician by studying trade, having studied politics at Princeton in law, Georgetown. After a few years as a judge clerk and then an attorney, he moved into M and a work at dillion road, a New York City investment bank. After that, Powell spent some time at the US Treasury, where he oversaw investigations of Solomon brothers investment bank. Still an attorney, not an economist. He then moved back into the private sector, working in M and a, and then a fund that he founded himself. Powell then returned to D.C. to work for a think tank back into politics. This is where Powell worked to get Congress to raise the debt ceiling in 2011. He was subsequently nominated as a federal board governor by president Obama and in 2017 he took the helm of chairman of the fed, nominated by president Trump. Okay, so now we have an idea of their career and experience differences. Let's get back to Volker in the 80s. What was fok's moment? First, Volcker was not exactly a hero, no less a superhero for the U.S. economy. Long before his moment, Volker was a key adviser to Nixon, suggesting the U.S. suspend convertibility of the USD into gold back in 1971. U.S. went off the gold standard. This move has been defined as a major contributor to ongoing financial manipulation by the fed, and hence, potential fiscal problems for the U.S.. Flash forward to the 1970s and we saw many of these problems manifesting in the U.S. economy. See, for years before 1965, inflation was quite stable, hovering right around 2%. But increased spending by the government during the Vietnam War caused inflation to start running hot. Ticking up over that magic 2% rate. Then, when the U.S. came off the gold standard, it began to escalate. With the 1973 OPEC oil embargo, gas prices nearly quadrupled and inflation jumped to double digits before settling in around the 7% level for years. The fed incrementally raised rates, attempting to tame inflation, but by 1979, surging energy and food prices sent inflation to the 9 and 10% level. Peaking at nearly 15%. Some context. When Volcker assumed the chair at the fed in 1979, U.S. GDP was 3.2%, unemployment was 6% and inflation was 11.3%. To tackle inflation, even if it meant inducing a recession, vocal raise the fed funds target rate aggressively, eventually up to 20%. The effective fed funds rate with the market actually prices in from the target rate reached 22% in December of 1980. Bold, aggressive, effective. By 1982, GDP was negative 1.8%, unemployment was 10.8%, and inflation was 6.2%. The economy was firmly in a recession, people were protesting against the fed and prices were calming down. So Volker backed off, reducing rates again. The Volker pivot. And by 1983, GDP was back to 4.6%, unemployment was 8.3% and inflation 3.2%. Mission accomplished. Inflation since the 1990s has remained relatively in check, hovering around the two to 3% level. Until now, of course, with quarter three GDP expected to be 2.8%, unemployment and historic lows of 3.5% and inflation at 8.3%, some people are calling for another vocal moment. A shock raise of rates by current fed chair Powell to match the strength of Volcker and tackle inflation once and for all. Not so fast, armchair economists, because today is not 1980, and the result could be absolutely devastating to the U.S. economy and ultimately collapse the US Treasury. Let's walk through why, shall we? Party like it's 1980? If you already follow me on Twitter, you've heard me sound warning bells about the massive debt U.S. has on its balance sheet. This, along with falling tax revenues, creates a hefty deficit for the treasury that it can only meet by issuing additional debt. To put it simply, we are a nation now built on borrowing. Period. For reference in 1980, the U.S. federal debt to GDP was 30%. Today, it's a 125%. Since we're no longer in the gold standard, the United States has virtually no check against the rate at which the money supply can be expanded. In other words, it can print money at will, and it can borrow endlessly. TLDR, the U.S. perpetually operates in a deficit, as the deficit grows, it simply issues more debt to fill in the gap between revenue, taxes, and expenses, entitlements, defense and miscellaneous. One problem, as interest rates rise, the cost of borrowing rises as well. To illustrate, here's the current U.S. budget situation estimated by the congressional budget office. 4.8 trillion in taxes -3.7 trillion and entitlements -800 billion in defense equals 300 billion left over for interest expense. Current interest expense on 30 trillion of treasuries, 400 billion. 300 billion -400 billion equals negative 100 billion. Oops. Now imagine Powell and the fed getting tough really tough on inflation. Imagine him taking interest rates up way up like Volcker did. Let's say jacked up the target rate to 10%. The annual interest cost on replacing the current 30 trillion of debt at 10% would be $3 trillion. That's 2.7 trillion over budget, and that's before a massive reduction in capital gains tax revenues from the market crash it would cause, as well as the plummeting of corporate taxes due to increased borrowing costs and decreased company profitability. What's worse, the treasury would have to issue an additional 2.7 trillion of debt to cover that gap at the new 10% interest rate. In reality, the replacement cost would be higher as longer maturities would have higher interest rates than the fed funds target rate. Not going to happen. Okay then, what if, since our rates have been so low for so long that we use comparable percentage of moves hikes rather than absolute percentage hikes to the fed funds target rate. Right now, an editor's note, this is before the FOMC meeting this week. We're sitting at 2.5% at the high end of the fed funds target rate. Let's save Powell pulls a Volcker and doubles that in two or three hikes all the way up to 5%. And let's say the average replacement cost of treasury debt would then be 6%, replacing 30 trillion of debt at 6% would cost 1.8 trillion in interest annually. That's 1.5 trillion over budget. Again, this is also before reduced tax revenues for that budget. In reality, revenues would be far lower than even this estimate. And this is also before the fed is barely sold any of the 5.7 trillion of treasuries it has on its balance sheet for its QT program.
The Breakdown
"volker" Discussed on The Breakdown
"Welcome back to the breakdown with me and I'll W it's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by nexo IO, chain analysis, and FTX. And produced and distributed by coindesk. What's going on guys? It is Sunday, September 20 5th, and that means it's time for long reads Sunday. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation. Come join us on the breakers Discord. You can find a link in the show notes or go to bit LY slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX. All right, everyone. Well, listen. I named my first show of this week bleak week and boy, did that end up being true? It really was just a total sky is falling type of week to reference a quote that I used on yesterday's show. I continue to think that much of the gloom has to do with just how in between things feel, AKA are we in a recession or not, as well as just the severe cognitive dissonance of economic signals pointing in different directions. Whatever the case it is gloomy out there. And for long read Sunday this week, instead of just reading one essay, I decided it might be good to read a variety of threads on different topics. I haven't done one of these thread shows for a while, and have noticed a couple recently that I liked. So I thought, hey, this could be a great time for that. We're going to kick it off with a thread from Erik basmajian, who has rocketed into fin twit as one of the best new threads in the game. The thread I'm going to read is called America's middle class vanishing, and it comes from September 20th, 2022. In the last 20 years, the share of wealth held by the middle class dropped more than 8%, while the share of wealth held by the top 1% increased almost 8%. Why is this happening? And is this trend going to continue? Let's find out. Since 2002, the share of wealth held by the middle class has dropped from 36% to 28%. Over the same period, the share of wealth held by the top 1% has increased from 25% to 32%. In 2014, the share of wealth held by the top 1% exceeded the share of wealth held by the middle class, defined here as the 50th to 90th percentile. If we look at the share of wealth held by the top 1%, the trend looks extremely similar to the trend in the stock market. This makes sense. Wealthy people own a lot of assets, so if asset prices rise, that helps them. The middle class doesn't hold nearly the amount of financial assets at the top 1%. And are much more dependent on the real economy for wage growth. Therefore, what we really have to analyze is why asset prices have outpaced the real economy so much. Wage growth is tied to economic growth. There is no way around it. Weaker than normal wage growth is a symptom of weaker than average economic growth. You can not generate 5% wage growth with 2% GDP growth. So we must also understand why economic growth has been so weak. Over the long run, economic growth is a function of population growth and productivity growth. Productivity growth is closely linked to debt levels. When a use of debt doesn't generate an income stream, this is an unproductive use of debt that crushes productivity. Since the 1980s, we've taken a path of massively increasing debt. The increase in the debt to GDP ratio tells us that this debt was not used productively. Once debt levels became excessive, there was a sharp drop in economic growth and thus wage growth. So the high debt levels hurt economic growth, which reduced wage growth, harming the middle class. While we're asset prices in the top 1% unaffected by this reduction in growth, over the last 20 years, each time the economy ran into a debt problem, recession, the answer was to lower interest rates. Lower interest rates was an easy way to kick the can down the road rather than dealing with the root cause. Too much debt. So interest rates declined and asset prices recovered because the debt was easier to service. But the debt load still remained, suppressing economic growth, and thus, wage growth. Asset holders make it out alive while workers suffer the consequences of the debt. When interest rates hit 0% after 2008, we still didn't want to solve the debt problem. But we couldn't lower interest rates, so we started quantitative easing. This increased liquidity and financial markets, again, helping assets, but doing nothing for the real economy. The concept behind these policies was that the economy would rise to the level of asset prices. Asset holders were supposed to spend this newfound net worth into the economy, jump starting the economic cycle. Ben Bernanke said this exactly. Quote, this approach eased financial conditions in the past and so far looks to be effective again. Stock prices rose in long-term interest rates fell when investors began to anticipate this additional action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment and higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increase spending will lead to higher incomes and profits that in a virtuous circle will further support economic expansion. But as Robert schiller noted, as well as other academic research, the wealth effect, particularly for the stock market, is a flawed concept. It doesn't work. Quote, the importance of housing market wealth and financial wealth and affecting consumption is an empirical matter. We have examined this wealth effect with two panels of cross sectional time series data that are more comprehensive than any applied before and with a number of different econometric specifications. We find at best weak evidence of a stock market wealth effect. So all that happened was that asset prices were bolstered by lower rates and increased liquidity. But the economy still had to deal with the crushing debt burden that refused to be solved. Policymakers are very worried about correcting the debt problem because that means people asset holders will lose a lot of money as the economy experiences debt deflation. So instead, the policy choice has been to support asset prices, but the outcome has been disastrous for the middle class. Asset prices like homes have increased way faster than wages, creating a situation of gross unaffordability. 20 years of conducting policy in this fashion and what do we have? We have asset prices that are dangerously elevated relative to the underlying economy, and we still have all the debt. Correcting the debt problem would result in short term extreme pain, but longer term prosperity for all people as growth and wages could accelerate without a crushing debt burden. Pursuing the same policies will result in the same outcome. Ever increasing debt, lower economic growth, falling rail wages, but potentially higher asset prices that the decline in growth is met with lower rates and more liquidity. This lower growth and inability to afford assets, homes, has resulted in delayed household formation and lower birth rates, worsening our demographics. This is happening in every major country pursuing the same policies, but that is a topic for another day. I think Eric is super sharp, and I think you should give him a follow at EPB research on Twitter. The risk with a thread on Twitter is that it inherently reduces things to a single vantage point. Eric is looking through the lens of debt and this is a common lens for people on fin twit especially and Bitcoin Twitter too to look through. I think broadly there's a ton of truth in what he writes. But I think that obviously there is more to the story of the hollowing out of the middle class over the last 20 years than just interest rate policy. I don't think you can have a realistic conversation about the middle class, for example, in that same time period without talking about China and the World Trade Organization and choices we made along those lines. Now that's obviously not to diminish anything in that thread. And like I said, I think you should give Erica follow. My one concern is that I sometimes worry that this type of analysis actually contributes to our overestimation of how much power monetary policy has to both fix or cause our problems. Anyway, Eric, thanks again for the great threat and keep up the good work. We are loving seeing it.
CoinDesk Podcast Network
"volker" Discussed on CoinDesk Podcast Network
"Far too much <Speech_Male> around 50% of <Speech_Male> U.S. debt would mature <Speech_Male> and need to be replaced in <Speech_Male> <Advertisement> a similar time frame today. <Speech_Male> If Powell <Speech_Male> used a vocal shock, <Speech_Male> hiked rates <Speech_Male> to similar 1980 <Speech_Male> levels and held them there for <Speech_Male> two plus years, <Speech_Male> the U.S. economy, <Speech_Male> US Treasury market and <Speech_Male> US Treasury itself <Speech_Male> would simply collapse. <Speech_Male> Then what <Speech_Male> instead? <Speech_Male> <Advertisement> I believe the fed is limited <Speech_Male> options. <Speech_Male> Powell can hike rates just <Speech_Male> enough to appear tough on <Speech_Male> inflation, without <Speech_Male> causing a market crash and <Speech_Male> tanking U.S. tax revenues. <Speech_Male> He can <Speech_Male> hike two maybe three more <Speech_Male> times, but only to a <Speech_Male> terminal rate of about three and <Speech_Male> a half to 4% at <Speech_Male> most. Even <Speech_Male> if the inflation rate does <Speech_Male> not come back to the stated target <Speech_Male> of 2%, <Speech_Male> power me back off for <Speech_Male> a while pointing to the direction <Speech_Male> of change in the inflation <Silence> rate. The <Speech_Male> fed may then quietly <Speech_Male> accept a three to 4% <Speech_Male> ongoing inflation rate <Speech_Male> and declare victory. <Speech_Male> And then he'll <Speech_Male> <Advertisement> quickly do it Volcker did in <Speech_Male> 1982. <Speech_Male> But this time he will have <Speech_Male> to do it sooner. By <Speech_Male> late 2023 <Speech_Male> instead. He will <Speech_Male> have to pivot and begin to lower <Speech_Male> rates again. <Silence> Why? <Speech_Male> It's just math, my Friends, <Speech_Male> math that is <Speech_Male> not in the fed or treasury's <Speech_Male> favor. <Speech_Male> Higher inflation they <Speech_Male> can stomach, especially <Speech_Male> as it helps pay off <Speech_Male> past debt with cheaper future <Speech_Male> dollars. And <Speech_Male> besides, the <Speech_Male> last thing Powell wants to do <Speech_Male> is crash the economy into <Speech_Male> a depression and <Speech_Male> cause the whole house of debt <Speech_Male> to crater and <Speech_Male> end the borrowing charade. <Silence> So <Speech_Male> as an investor, what can you <Speech_Male> do? You've heard <Speech_Male> me say it before. I <Speech_Male> think it is essential to own <Speech_Male> hard money and assets that <Speech_Male> hold their value over long <Speech_Male> periods of time. <Speech_Male> Holding some cash in <Speech_Male> these times of uncertainty <Speech_Male> is wise, especially if you <Speech_Male> have short term needs. <Speech_Male> But owning gold, <Speech_Male> silver, and Bitcoin will <Speech_Male> help in either a US <Speech_Male> Treasury meltdown <Speech_Male> and or a hyperinflation <Speech_Male> scenario, <Speech_Male> still a long way off in my personal <Speech_Male> opinion. <Speech_Male> Or much more likely <Speech_Male> for when the <Speech_Male> pivot comes in QE <Speech_Male> infinity begins. <Speech_Male> Which we have all <Speech_Male> <Advertisement> come to expect <Speech_Male> eventually will. <Silence> <Speech_Male> Back to MLW <Speech_Male> here, and I guess actually <Speech_Male> I'm going to close it after <Speech_Male> that one just because it <Speech_Male> was such a long and thorough <Speech_Male> thread and I think it actually goes <Speech_Male> great with Eric's threat <Silence> as well. <Speech_Male> This I believe <Speech_Male> is one of the questions <Speech_Male> that most <Speech_Male> lurks if you take a <Speech_Male> medium run view <Speech_Male> of the economy <Speech_Male> and specifically monetary <Speech_Male> policy. <Speech_Male> That's the question <Speech_Male> <Advertisement> of how long the <Speech_Male> <Advertisement> fed can <Speech_Male> keep tightening. <Speech_Male> <Advertisement> And it's not a question <Speech_Male> that's based necessarily <Speech_Male> just on political <Speech_Male> will. It's <Speech_Male> a question based <Speech_Male> perhaps as James <Speech_Male> suggests on <Speech_Male> math. <Speech_Male> You can bet that <Speech_Male> the longer this tightening <Speech_Male> cycle goes on, <Speech_Male> the more people are <Speech_Male> <Advertisement> going to be asking exactly <Speech_Male> that question. <Silence> For now I <Speech_Male> want to say thanks to Eric and <Speech_Male> James for their great threads, <Speech_Male> to my sponsors <Speech_Male> next to IO, <Speech_Male> chain analysis and FTX <Speech_Male> <Advertisement> for supporting the <Speech_Male> show, and thanks to <Speech_Male> you guys for listening. <Speech_Male> Until tomorrow <Speech_Male> be safe and take care <Speech_Male> of each other. <Speech_Male> Peace. <SpeakerChange> <Speech_Music_Male> <Music> <Speech_Music_Male>
CoinDesk Podcast Network
"volker" Discussed on CoinDesk Podcast Network
"Period. For reference in 1980, the U.S. federal debt to GDP was 30%. Today, it's a 125%. Since we're no longer in the gold standard, the United States has virtually no check against the rate at which the money supply can be expanded. In other words, it can print money at will, and it can borrow endlessly. TLDR, the U.S. perpetually operates in a deficit, as the deficit grows, it simply issues more debt to fill in the gap between revenue, taxes, and expenses, entitlements, defense and miscellaneous. One problem, as interest rates rise, the cost of borrowing rises as well. To illustrate, here's the current U.S. budget situation estimated by the congressional budget office. 4.8 trillion in taxes -3.7 trillion and entitlements -800 billion in defense equals 300 billion left over for interest expense. Current interest expense on 30 trillion of treasuries, 400 billion. 300 billion -400 billion equals negative 100 billion. Oops. Now imagine Powell and the fed getting tough really tough on inflation. Imagine him taking interest rates up way up like Volcker did. Let's say jacked up the target rate to 10%. The annual interest cost on replacing the current 30 trillion of debt at 10% would be $3 trillion. That's 2.7 trillion over budget, and that's before a massive reduction in capital gains tax revenues from the market crash it would cause, as well as the plummeting of corporate taxes due to increased borrowing costs and decreased company profitability. What's worse, the treasury would have to issue an additional 2.7 trillion of debt to cover that gap at the new 10% interest rate. In reality, the replacement cost would be higher as longer maturities would have higher interest rates than the fed funds target rate. Not going to happen. Okay then, what if, since our rates have been so low for so long that we use comparable percentage of moves hikes rather than absolute percentage hikes to the fed funds target rate. Right now, an editor's note, this is before the FOMC meeting this week. We're sitting at 2.5% at the high end of the fed funds target rate. Let's save Powell pulls a Volcker and doubles that in two or three hikes all the way up to 5%. And let's say the average replacement cost of treasury debt would then be 6%, replacing 30 trillion of debt at 6% would cost 1.8 trillion in interest annually. That's 1.5 trillion over budget. Again, this is also before reduced tax revenues for that budget. In reality, revenues would be far lower than even this estimate. And this is also before the fed is barely sold any of the 5.7 trillion of treasuries it has on its balance sheet for its QT program. Hiking rates up to 5% wouldn't induce much higher unemployment, severely affecting the mortgage and housing market and would significantly affect consumer's ability to pay their variable interest rate debts. Forget softish landing as Powell keeps saying he wants. This would be a nose dive crash of the economy that could take a decade or more to recover from. Bottom line, it's not going to happen either. Remember, focus approach was shocking and it was done in a series of moves over the course of nearly three years.
CoinDesk Podcast Network
"volker" Discussed on CoinDesk Podcast Network
"Next up, we're going to read a thread by James lavish that's all about chairman Powell. Fed chairman Powell has mentioned Volcker quite a bit recently, channeling his hawkish stance. But Powell is no Volcker, and this is not 1980. Time for a fed thread. Who is Volcker anyway? So who is this Paul Volcker character we keep hearing about? Like a Federal Reserve superhero or something. Why do we keep hearing his name 40 years after his so called moment at the fed? First, Paul Volcker was an economist by study and trade, having studied public and international affairs at Princeton, then public administration at Harvard grad school, and finally at the London school of economics. His first job was as an economist at the Federal Reserve bank of New York. He then worked alternating stints at the US Treasury and Chase Manhattan bank before returning as the president of the New York fed. Then, 27 years into his career, he was appointed chairman of the Federal Reserve. In contrast, current fed chairman Jerome Powell is a lawyer slash politician by studying trade, having studied politics at Princeton in law, Georgetown. After a few years as a judge clerk and then an attorney, he moved into M and a work at dillion road, a New York City investment bank. After that, Powell spent some time at the US Treasury, where he oversaw investigations of Solomon brothers investment bank. Still an attorney, not an economist. He then moved back into the private sector, working in M and a, and then a fund that he founded himself. Powell then returned to D.C. to work for a think tank back into politics. This is where Powell worked to get Congress to raise the debt ceiling in 2011. He was subsequently nominated as a federal board governor by president Obama and in 2017 he took the helm of chairman of the fed, nominated by president Trump. Okay, so now we have an idea of their career and experience differences. Let's get back to Volker in the 80s. What was fok's moment? First, Volcker was not exactly a hero, no less a superhero for the U.S. economy. Long before his moment, Volker was a key adviser to Nixon, suggesting the U.S. suspend convertibility of the USD into gold back in 1971. U.S. went off the gold standard. This move has been defined as a major contributor to ongoing financial manipulation by the fed, and hence, potential fiscal problems for the U.S.. Flash forward to the 1970s and we saw many of these problems manifesting in the U.S. economy. See, for years before 1965, inflation was quite stable, hovering right around 2%. But increased spending by the government during the Vietnam War caused inflation to start running hot. Ticking up over that magic 2% rate. Then, when the U.S. came off the gold standard, it began to escalate. With the 1973 OPEC oil embargo, gas prices nearly quadrupled and inflation jumped to double digits before settling in around the 7% level for years. The fed incrementally raised rates, attempting to tame inflation, but by 1979, surging energy and food prices sent inflation to the 9 and 10% level. Peaking at nearly 15%. Some context. When Volcker assumed the chair at the fed in 1979, U.S. GDP was 3.2%, unemployment was 6% and inflation was 11.3%. To tackle inflation, even if it meant inducing a recession, vocal raise the fed funds target rate aggressively, eventually up to 20%. The effective fed funds rate with the market actually prices in from the target rate reached 22% in December of 1980. Bold, aggressive, effective. By 1982, GDP was negative 1.8%, unemployment was 10.8%, and inflation was 6.2%. The economy was firmly in a recession, people were protesting against the fed and prices were calming down. So Volker backed off, reducing rates again. The Volker pivot. And by 1983, GDP was back to 4.6%, unemployment was 8.3% and inflation 3.2%. Mission accomplished. Inflation since the 1990s has remained relatively in check, hovering around the two to 3% level. Until now, of course, with quarter three GDP expected to be 2.8%, unemployment and historic lows of 3.5% and inflation at 8.3%, some people are calling for another vocal moment. A shock raise of rates by current fed chair Powell to match the strength of Volcker and tackle inflation once and for all. Not so fast, armchair economists, because today is not 1980, and the result could be absolutely devastating to the U.S. economy and ultimately collapse the US
CoinDesk Podcast Network
"volker" Discussed on CoinDesk Podcast Network
"Are loving seeing it. Nexo is a security first platform built for the long run, with everything you need for your crypto. 5 key fundamentals, including real-time auditing and insurance on custodial assets, safeguard your funds. Making nexo the right place for you to buy, exchange, and borrow against your assets safely. Learn more about nexo's reliable business model and start your crypto journey at nexo dot IO. That's NE XO dot IO. Eager to make more informed decisions around crypto, chain analysis is here to help. She now is demystifies cryptocurrency by providing industry leading compliance, market intelligence, and investigations support for all crypto assets. For organizations like Gemini, crypto dot com and BlockFi. Gain unparalleled visibility and maximize your potential with the leading blockchain data platform. By visiting us now, at chain analysis dot com slash coin desk. The breakdown is sponsored by FTX U.S. FTX U.S. is the safe regulated way to buy and sell Bitcoin and other digital assets. With up to 85% lower fees than competitors. There are no fixed minimum fees, no ACH transaction fees, and no withdrawal fees. One of the largest exchanges in the U.S. FTX U.S. is also the only leading exchange that supports both Ethereum and Solana NFTs. When you trade NFTs on FTX, UK no gas fees. Download the FTX app today and use referral code breakdown
CoinDesk Podcast Network
"volker" Discussed on CoinDesk Podcast Network
"Produced and distributed by coindesk. What's going on guys? It is Sunday, September 20 5th, and that means it's time for long reads Sunday. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation. Come join us on the breakers Discord. You can find a link in the show notes or go to bit LY slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX. All right, everyone. Well, listen. I named my first show of this week bleak week and boy, did that end up being true? It really was just a total sky is falling type of week to reference a quote that I used on yesterday's show. I continue to think that much of the gloom has to do with just how in between things feel, AKA are we in a recession or not, as well as just the severe cognitive dissonance of economic signals pointing in different directions. Whatever the case it is gloomy out there. And for long read Sunday this week, instead of just reading one essay, I decided it might be good to read a variety of threads on different topics. I haven't done one of these thread shows for a while, and have noticed a couple recently that I liked. So I thought, hey, this could be a great time for that. We're going to kick it off with a thread from Erik basmajian, who has rocketed into fin twit as one of the best new threads in the game. The thread I'm going to read is called America's middle class vanishing, and it comes from September 20th, 2022. In the last 20 years, the share of wealth held by the middle class dropped more than 8%, while the share of wealth held by the top 1% increased almost 8%. Why is this happening? And is this trend going to continue? Let's find out. Since 2002, the share of wealth held by the middle class has dropped from 36% to 28%. Over the same period, the share of wealth held by the top 1% has increased from 25% to 32%. In 2014, the share of wealth held by the top 1% exceeded the share of wealth held by the middle class, defined here as the 50th to 90th percentile. If we look at the share of wealth held by the top 1%, the trend looks extremely similar to the trend in the stock market. This makes sense. Wealthy people own a lot of assets, so if asset prices rise, that helps them. The middle class doesn't hold nearly the amount of financial assets at the top 1%. And are much more dependent on the real economy for wage growth. Therefore, what we really have to analyze is why asset prices have outpaced the real economy so much. Wage growth is tied to economic growth. There is no way around it. Weaker than normal wage growth is a symptom of weaker than average economic growth. You can not generate 5% wage growth with 2% GDP growth. So we must also understand why economic growth has been so weak. Over the long run, economic growth is a function of population growth and productivity growth. Productivity growth is closely linked to debt levels. When a use of debt doesn't generate an income stream, this is an unproductive use of debt that crushes productivity. Since the 1980s, we've taken a path of massively increasing debt. The increase in the debt to GDP ratio tells us that this debt was not used productively. Once debt levels became excessive, there was a sharp drop in economic growth and thus wage growth. So the high debt levels hurt economic growth, which reduced wage growth, harming the middle class. While we're asset prices in the top 1% unaffected by this reduction in growth, over the last 20 years, each time the economy ran into a debt problem, recession, the answer was to lower interest rates. Lower interest rates was an easy way to kick the can down the road rather than dealing with the root cause. Too much debt. So interest rates declined and asset prices recovered because the debt was easier to service. But the debt load still remained, suppressing economic growth, and thus, wage growth. Asset holders make it out alive while workers suffer the consequences of the debt. When interest rates hit 0% after 2008, we still didn't want to solve the debt problem. But we couldn't lower interest rates, so we started quantitative easing. This increased liquidity and financial markets, again, helping assets, but doing nothing for the real economy. The concept behind these policies was that the economy would rise to the level of asset prices. Asset holders were supposed to spend this newfound net worth into the economy, jump starting the economic cycle. Ben Bernanke said this exactly. Quote, this approach eased financial conditions in the past and so far looks to be effective again. Stock prices rose in long-term interest rates fell when investors began to anticipate this additional action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment and higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increase spending will lead to higher incomes and profits that in a virtuous circle will further support economic expansion. But as Robert schiller noted, as well as other academic research, the wealth effect, particularly for the stock market, is a flawed concept. It doesn't work. Quote, the importance of housing market wealth and financial wealth and affecting consumption is an empirical matter. We have examined this wealth effect with two panels of cross sectional time series data that are more comprehensive than any applied before and with a number of different econometric specifications. We find at best weak evidence of a stock market wealth effect. So all that happened was that asset prices were bolstered by lower rates and increased liquidity. But the economy still had to deal with the crushing debt burden that refused to be solved. Policymakers are very worried about correcting the debt problem because that means people asset holders will lose a lot of money as the economy experiences debt deflation. So instead, the policy choice has been to support asset prices, but the outcome has been disastrous for the middle class. Asset prices like homes have increased way faster than wages, creating a situation of gross unaffordability. 20 years of conducting policy in this fashion and what do we have? We have asset prices that are dangerously elevated relative to the underlying economy, and we still have all the debt. Correcting the debt problem would result in short term extreme pain, but longer term prosperity for all people as growth and wages could accelerate without a crushing debt burden. Pursuing the same policies will result in the same outcome. Ever increasing debt, lower economic growth, falling rail wages, but potentially higher asset prices that the decline in growth is met with lower rates and more liquidity. This lower growth and inability to afford assets, homes, has resulted in delayed household formation and lower birth
Monday Morning Critic Podcast
"volker" Discussed on Monday Morning Critic Podcast
"But when I think of composers, I think of great ones like you and when I think of piano, I always think of Thomas Newman. When you think of Thomas Newman Volker, what comes to mind when you think of that name, what do you think of what he does? Well, I think first of all, I think he's a very complete for me quite complete composer because there's so much diversity in his work and at the same time he's coming from a very old traditional family, which I which I think is for me, sometimes not painful, but I would sometimes love to be in a family that has already long tradition in film music and where which is at the same time, of course, a big struggle because you have many people around you that do also music and then you look at the others and he's not so successful, but fantastic. So there's always this maybe this tension. And I don't know. It's just something where it's just a hypothesis in a way. I'm just fantasizing about it. But I totally think that he's maybe one of the not pioneers, but I think he influenced a lot of other musicians that film composers in a very strong way. That's beautifully said, and speaking of we're going to get into your relationship with this next person I'm going to vote to bring up. What makes Dustin o'halloran your friend and colleague? What makes him so good? Well, first of all, he's a very wonderful friendly man. Yeah. And when I met him the first time that is already in 2007 or 2006, and he came to a concert in Italy to ask me about the prepared piano technique and I think that meeting was so well, you know, sometimes there are meetings you meet people and you know they will maybe stay in your life forever..
Monday Morning Critic Podcast
"volker" Discussed on Monday Morning Critic Podcast
"My name is Volker Bergman and you're listening listening to Monday morning critics. There's a ton I want to ask you, but I'll condense it because there's just so much to your life. So people that know your music know you as well, right? What do people call you on a regular basis? Is it do they call you Volcker? Do they call you? Is how should I like a professional name? And I know you've answered this question probably countless times. But for those of us that maybe don't aren't familiar with what you prefer to be called, just explain that. Well, how is in a way a kind of band name, but it's a band with one person and that's me, you know? And under the name harsh guy, I create maybe music that has no attachment to any there is nobody else responsible for what is coming out of me, you know, I mean the collaboration sometimes where you of course collaborate with somebody and it's a mix of ideas. But in the most places, for example, film music is always a derivative of diverse influences from the opinion of the director, of course, first of all, then it's maybe my process of trying to find an idea that matches with the idea of the director. Once that is done and we are very happy then suddenly there is another voice coming from the production or from other responsible people and then you have to go through that mill again and digest certain things sometimes with in a lucky and unlucky circumstances. You have the freedom to do what you like, but mostly it's a mix out of everything. And that's why I felt at some point I have to maybe split the house cup part of it because my house got releases are a little bit more artistic approaches where I'm just sitting maybe a couple of months in my studio and I'm just thinking about it's a little bit like making an oil painting for itself and film music is a little bit for me a different process. Yeah, I got you. That's a great explanation. And before I get into your wonderful career, is there so I know right now you're in Germany, correct? Is that okay? I thought I read because I'm in Massachusetts. I thought I read where you lived in Massachusetts for a while. Is that complete nonsense? Yeah. Okay. I'm just going to say. I was many times in Massachusetts and I really, I mean, honestly, it's one of my favorite places. And I'm not saying that about every country. There are some parts in the U.S..
The Trish Regan Show
America Braces for the Highest Inflation Reading in Nearly 40 Years
"Because inflation is just one of those things I think that we all need to be on guard for. Now, tomorrow, tomorrow, we are going to get a read on inflation. It's expected to tick higher to 6.8% up from 6.2% and look, that's a lot. I mean, that would be if this comes in at 6.8% and I have a feeling it's gonna be quite high and there's a potential for it to be even higher. And that tells us we're basically looking at a 40 year high not since Reagan's first term have we seen inflation like this. And I'm getting kind of sick and tired of people blaming it on the supply issues and constraints associated with transitory inflation. Heck, even the Federal Reserve knows now, it's no longer transitory. This is inflation that's really starting to settle in. And the problem with this is once it starts to really seep into an economy, it's very hard to get rid of. We know this, just go back to the late 70s in the 80s. Look at what Volker had to do. To get rid of it. I think that Volker would be really disappointed. Right now, in this Federal Reserve. And it's one of the reasons why I keep encouraging people to look at look at how to hedge it out and to me one of the best ways in those few different ways. One of the best ways to do that is via gold.
Radical Personal Finance
"volker" Discussed on Radical Personal Finance
"Would you say start at this life or at this stage in life would it be better to in my free time try to find something else to create more income will kind of work did the money or would it be. I knew design construction designed for construction meaning like architectural drawings. Cad stuff what does that mean. cat the and conceptual. Do you feel like this is a career that you're well suited for currently Long-term goals are very different. Part tired tell me about your long term goals in Long longer term would be Establish small town been partying or getting to my own home said and just basically having enough to coast on and that's my money with that so your vision is to work a very modest amount. Earning just money to cover your needs and doing that activities that that can give you a general lifestyle that you prefer is that right. Yeah this current job. That i'm in volker then would be the initial Bankroll for most of the things that i would need landon equipment to hopefully not on debt right. So why don't do you have a desire to why at twenty one years old. Do you wanna do just enough to get by. I'm not.
Serial Killers
"volker" Discussed on Serial Killers
"Decades. Eckerd was at large traveling across international borders. He spent most of his time on the road alone. And for these reasons there are significant gaps in our knowledge of his movements and crimes officials are almost certain but he was responsible for more murders than the thirteen. They knew about in fact. Some of the women in his polaroid's were never identified but by ending his life before he could be tried eckerd ensured that his victims would never get real justice and this was in keeping with the man he'd always been a calculated predator who hunted vulnerable women on the fringes of society who saw his fellow humans as little more than a collection of parts. He took what he wanted and disposed of the rest all to suit.
Serial Killers
"volker" Discussed on Serial Killers
"Captured eckerd's truck in a mostly empty parking lot. The truck stood out. What's more it had. Eckerd's name and business logo displayed prominently across. Its rear. of course. The technician thought nothing of it at the time and eckert remained totally oblivious so once it was dark eckert clambered out of his truck into the deserted parking lot without a second thought then he dragged molina's body out with him. He left her in an alleyway beside the lot. Then got back on the road to drive home leaving all thoughts and melena with her body unsurprisingly the naked body of a dead woman in the parking lot of a football stadium didn't go unnoticed for long when local police arrived at the scene. They immediately checked local. Ccctb cameras their search led them to the footage from the newly installed factory camera. And that's where they got their big break while the footage didn't capture eckerd in the act of dumping molina's body. It showed that he was in the area where her body was found at exactly the right time. This made him a prime suspect and thanks to the logo on his truck. They knew exactly who he was. The spanish police contacted german authorities and asked them to arrest eckert. They likely thought that this would be a straightforward investigation. They had a body achieve suspect and substantial however what. The spanish police didn't know was that eckerd had left a trail of bodies behind him in five separate countries and that was going to complicate things for years eckardt had been evading capture by taking lengthy breaks between his murders and staying in constant motion. His jobs took him all over western europe but two weeks after murdering melena. He finally ran out of road. November seventeenth eckerd arrived in the industrial city of vessels to report at haulage company. But instead of a new shipment to deliver eckerd found himself staring down at a team of police officers with no way to escape. He was immediately apprehended. At first he seemed calm and even nonchalant about at all in fact when the police questioned him about molina's murder he feigned ignorance. He said he knew nothing about a body or why his truck had been spotted. Just yards away from where it was dumped but after about an hour eker did something strange. He told one of the police officers that he had a headache. He got these headaches often. He explained and the only thing that would help was special medication that he kept inside his truck. He asked the police to go to the truck and bring back the medication. They agreed but investigators found a lot more than a bottle of painkillers. Inside eckerd's fan officers discovered three polaroid photos lying on the front seat. Each showing. The dead body of a different woman astonished. The officers began searching the vehicle for more evidence. They soon found two lengths of rope and a series of handwritten notes describing eckardt's murders in detail. Eckerd hand to know that his truck is full of incriminating evidence. So sending the police there was more or less a confession and soon after that he made the confession official once. The police confronted him with the evidence. He admitted to six murders. Over the past thirty years that included sylvia orator full the classmate he killed when he was just fourteen and officials suspected. This was only the tip of the iceberg at some point investigators rated eckerd's apartment and discovered his ghastly rubber doll which was unlike anything they'd seen before with such a disturbing detail. It's little wonder that word of eckerd's crimes spread quickly soon. Police in spain germany and across europe were working together to build a picture of eckerd's movements over the years they also looked into unsolved murders that matched his mo. Unfortunately a lack of cooperation between the countries created roadblocks. At a tug of war between the german and spanish authorities soon began. Since the spanish police had been the ones to identify eckerd an issue the warrant for his arrest. They wanted him extradited to spain but the german police wanted to take charge of the inquiry themselves. Eckardt had committed his first crimes on german soil. They argued and was a german citizen. Ultimately the germans went out using eckerd's credit card records employment logs and satellite-tracking technology authorities plotted out his movements. They also shared his dna with thirty two countries across europe and asked for the details of any unsolved murders that could be linked to him by this stage. The spanish police were cooperating fully with the germans and even sent some other officers to help with the investigation but cooperation from other countries including france. Italy and the czech republic was still lacking despite this. Investigators were able to connect eckerd to seven more murders bringing his total. Kill count to thirteen with so many victims. Keeping things quiet was impossible the press latched onto the story of europe's border hopping serial killer and the case made headlines in several countries but watching the story unfold from his jail cell eckert was upset would bothered him. In particular was that the media was portraying him as a monster but eckert never saw himself that way in fact he saw himself as distinct from the man who had committed these crimes according to his lawyer. Alexander smith goal eckerd always spoke about himself in the third person whenever he described an attack or murder he was not only emotionally detached from his crimes but on some level he felt he truly hadn't committed them earlier. We discussed the possibility that eckerd had borderline personality disorder or bp which is sometimes associated with an attachment to childhood toys one of the hallmarks of bpd is dissociation or an involuntary escape from reality characterized by a disconnection between thoughts identity consciousness and memory. One of the most common forms of dissociation is de personalization or a feeling of detachment from oneself. It's often described as feeling like you're watching yourself from outside your body if eckerd was truly dissociating. It's possible that this is exactly how he experienced his crimes. of course we'll never know for sure. We don't have much insight into eckerd state of mind either during his crimes or after his capture but we do have one telling quote from smith call who spent a lot of time with him after his arrest schmidt gall said he had the emotion rising up in him and he had no way to suppress it. He knew he was an outsider. He was suffering from this. Perhaps the suffering explains why eckert deliberately sent the police into his truck or he knew they'd find incriminating evidence against him on some level. Eckert wanted to be stopped but in the summer of two thousand seven as eckerd sat in jail awaiting trial. He was finally feeling the full weight of vat choice. Even his sister's beena considered him a monster and refused to visit. It's hard to blame her but for record his sister's rejection was the last straw somehow in his twisted mind. He held onto the belief that even if his crimes were revealed his loved. Ones would still stand by him instead. Akard spent his forty eighth birthday alone ruminating over his darkest thoughts and his sadistic crimes and on the following day. July second eckerd took his own life unfortunately. His death marked the end of the entire investigation. There would be no trial and there would be no real closure for more than three.
Serial Killers
"volker" Discussed on Serial Killers
"North towards the town of garros on a quiet back road eckerd pulled over. He went through his usual routine cutting off her hair taking polaroid of her body and possibly conducting an amateur postmortem. then he left mari's body by the side of the road and drove home. It's not clear how long it took for the bodies of marie. And i obey to be phoned or how extensively their deaths were investigated but eckerd gave themselves some cover by leaving long gaps between his murders long enough to make it hard for the authorities to notice a pattern. According to criminologist scott a bon the cooling off period is to a serial killer. What coming down from a narcotic high is to a drug addict. it's a time of rest and composure. Bond also notes that the length of a cooling off period can vary wildly between killers from days to years and that it ends when the urge to kill becomes overwhelming as far as we know eckert managed to curb his darkest fantasies for more than a year and a half but in october of two thousand six as he was travelling through france on his way back from a job is urge consumed him once again. He stopped in the city of reims a glamorous destination known as the unofficial capital of the champagne wine growing region but eckert wasn't interested in the sites and flavors of wine country. He had only one thing on his mind and headed for an area of town where he knew he could find sex workers. He picked up twenty eight year. Old dog nasca boasts a polish immigrant and strangled her inside the cab of his truck after taking his trophies and his polaroid's eckerd dumped her body in a secluded spot and drove home beck at his apartment. He took augusta's hair and a scarf he'd taken from her body. He painstakingly glued strands of hair. Onto was rubber doll. Then drape the scarf around its neck as eckerd took a step back and regarded his creation. He smiled to himself. The doll had almost a full head of hair and was beginning to look something like a real woman. At least that's what it looked like to him and soon enough she'd be ready a beautiful girlfriend he could call his own up. Next eckerd's luck finally runs out brought to you by chinese. Would something you wear that you can't see but it can make or break your day. If you guessed the underwear then you probably have a lot of good days knee. Andy's believes you should be comfortable at your core. That's why they make the softest. These sprints so you can wake up every morning excited to put on your favorite pair me. Undies are designed to be the softest thing you've ever worn their signature micro modal fabric literally. Gross and trees. They offer different cuts for different butts ranging from sizes extra small four excel so whether you're looking for classic colors or adventurous rinse as you covered. If you're not satisfied with any product for any reason they'll refund or exchange it no caveats no questions to get fifteen percent off your first order. Reshipping and a one hundred percents satisfaction guaranteed go to me undies dot com slash spotify. That's dot com slash spotify. This episode is brought to you by the real cost and the fda if you've ape you could be inhaling toxic metals into your lungs to feel how scary that is we could have gone to town with some real scary music thrown in some zombie sound effects or some blood curdling screaming. And the top shrieking you get the point but nothing is as scary as the facts vaping and deliver toxic metals like nickel and lead in your lungs. That's metal in your lungs read up about the dangers of vaping on the real cost dot gov now back to the story by the fall of two thousand six forty seven year old. Volker eckert was almost done dressing his murder tummy. He needed now. Were some finishing touches. Maybe some jewellery to make things sparkle and of course more hair. Fortunately for eckert his job as a truck driver allowed him to cross paths with numerous women and as the year drew to a close he was gearing up for yet another murderous trip across the border for his next mission. Eckerd return to familiar territory. He had regularly driven through the spanish region of catalonia and a year and a half ago. He'd killed their one afternoon that november. He arrived in the quaint rural village of sun. Julia jeremy's there. He picked up twenty year old. Melena petrova a sex worker who moved to the region from bulgaria a recent immigrant who likely had no family in the area. Melena fit eckerd's victim profile perfectly. If she disappeared no one would likely miss her but though eckerd thought he was being careful he was about to make a very big mistake. Once it was inside his truck eckert strangled her to death afterwards. He repeated his normal routine. She cut off her hair. Took polaroid's and likely performed post-mortem but when eckert climbed back into the driver's seat ready to find a place to dispose of her body. He realized he had a problem. He'd been so eager to kill that afternoon. That he'd misjudged his timing. It was still broad daylight and wouldn't be dark for hours. He knew he couldn't safely. Get rid of molina's body until after dark. So eckerd searched for an inconspicuous place where you could park and wait out the sun. He eventually pulled into the parking lot of a local football stadium. There was no game today so the lot was completely deserted. Eckerd settled in behind the wheel and waited for darkness to fall however unbeknownst to eckert. He wasn't as alone as he thought. Outside a nearby factory technician was installing a new set of cici tv cameras and they had just started recording as he adjusted a camera so that it focused on the factory gates. The technician happened to pan across the parking lot and.
Serial Killers
"volker" Discussed on Serial Killers
"Shelter. It's believed that most serial killers keep trophies because the physical reminder lets them relive their crimes but building a doll out of murder. Trinkets is a little more niche with every kill eker took whole new accessories to add to his creation. This desire to complete his display may have been a motivation for him to keep killing as far as we can tell he wanted to make his dollar convincingly lifelike but getting woman complete with accessories makeup and a beautiful head of hair but he wasn't in a rush he bided his time waiting for the right opportunity to strike and finally about ten months after we killed benedicta. He was sent to the czech republic on trucking. Job this was a familiar hunting ground for him when he first moved to. Hove from east germany. In the mid nineteen ninety s. He'd made a number of trips across the border to the czech republic. It's believed that he even killed two women. There though. Details of those alleged crimes are scarce. No in june of two thousand three. He was returning to his old stumping crowns. A season killer with a well honed. mo like always wants. He'd completed his job. Eker drove to the nearest city of pilsen where he picked up a woman who will call yet coca. Unfortunately we don't know much about this woman but based on eckerd's other victims it seems likely she was a sex worker. Once you've got into his truck eckerd's strangled her to death cut off some of her hair and then dumped her body by the freeway as carelessly discarded as the rest but this time he added a new element to his routine eker took photographs of qasr lifeless body using a polaroid camera. It was an extra memento. He could pocket before driving away leaving his victim in his dust as far as we can tell. European police forces seemed not to notice. There was a serial killer on the loose at this point eckerd had murdered at least four women in the space of two years leaving a trail of bodies in three countries the czech republic spain and france. Unfortunately none of the countries seem to suspect. There's might not be an isolated case so there was no apparent need to cooperate or share information with their neighbors. If they had they might have realized that a serial killer was moving through europe if anyone noticed interpol could have stepped in eckert might have been stopped but as it was information was siloed between the countries as an e you citizen eker could travel freely across borders but the continents police forces didn't enjoy the same freedoms this fragmentation was a godsend to record he'd been flying under the radar for years and that worked just fine for him. Another thing that worked in favor was as careful victim selection by targeting women in the sex trade who are more vulnerable to violent crime and less likely to involve the authorities eckerd allowed himself a certain degree of cover and whether it was intentional or not he also targeted young women who were immigrants and therefore even more vulnerable some may have entered the country illegally which magnified their distrust of police because they knew they risked being deported even for those who immigrated legally they were young women living on the fringes of society with few relatives or friends nearby and to top. It all off. The debts of sex workers are notoriously much more likely to go unsolved. It's possible that eckerd new this and intentionally went after these types of women it's also possible. He simply saw sex workers as easy disposable prey. Whatever the case the authorities weren't connecting the dots and until somebody figured it out eckerd's trail of bodies was only going to keep growing. Which is exactly what happened. In the fall of two thousand four forty five year old accurate made a delivery to the lumbar region of italy. His way back he stopped. In the small town of ritz auto. He picked up twenty five year old. I- abi golly a sex worker who was originally from ghana. Eckerd lured into his van pretending to be just another client. Once she was in the back of the vehicle he went through his usual routine like clockwork. He strangled the young woman to death afterward. He cut off her hair and kept a lipstick. He found in her jacket. He also snapped some polaroid's body. We can't be sure when it started but it was around this time that added a sinister new element to his mo. According to one report eckerd performed amateur post-mortems on some of his victims. It's not clear exactly what this entailed. But since post-mortems typically involved cutting into the body and examining its internal organs. It's safe to assume he was mutilating victims as horrific as it sounds mutilating or dismembering victims. After they're dead is fairly common. Serial killer behavior in a two thousand nine paper published in the journal of forensic sciences finished researchers identified common traits among offenders who mutilate their victims. These include educational and mental health problems in childhood in patient psychiatric treatment. Self destructiveness and schizophrenia. As far as we know eckert never had inpatient treatment for mental illness nor was he diagnosed with schizophrenia but he did demonstrate disturbing behavior during his childhood not only was he perversely and violently obsessed with hair. He brutally murdered a classmate when he was just a teenager. So although mutilation was a new aspect to eckardt's mo it tallied perfectly with his history and fit perfectly into his regular routine after completing his post. Kill rituals eckert lip diabetes body on the side of the road and drove north back toward germany. Six months later in february of two thousand five eckerd returned to catalonia. Spain on his way back from a job he stopped by the small municipality of san saturday dirtier mort and picked up a russian sex worker named marie vesa lova as soon as she got into his truck eckerd tied her up. She agreed to this in exchange for more money but soon he began strangling.
Serial Killers
"volker" Discussed on Serial Killers
"During sex. Though you might imagine this would be a clear red flag. There's mounting evidence that suggests the desire for consensual choking during sex. either as the choker or the choky. Isn't that uncommon. According to a two thousand twenty study published in the journal of sexual medicine almost a quarter of women reported that they'd been choked during sex. This was much more common among eighteen to twenty nine year olds in that demographic almost forty percent had either choked or been choked during sex lead author. Dr debbie her bannock noted that while some choking during sex is consensual. much of. it isn't nearly a quarter of the women. Surveyed said that they felt scared or unsafe during sex several respondents also said that this was specifically because their partner tried to choke them unexpectedly. Even if a partner can sense to choking initially. It's easy for things to get out of hand. This is especially true in couples where there's a significant height weight and strengthen balance. Eckert was likely counting on this once. He got his victims into his truck. Their fates were sealed after isa bell agreed to his offer and climbed inside. He drove out of town searching for more secluded location. He pulled off the road at a freeway. Junction near the town of ma senate de la selva. Then he locked the doors and beckoned isa into the back where they'd have more space to fool around just as she'd promised isa bell allowed eckerd to tie her up and as they had sex. She didn't resist when he put his hands around her throat. By the time she realized that he was squeezing too hard. It was too late. She tried to fight him off. But it only made eckerd more excited as eckert felt the fight. Slowly draining out of these abell. He began raping her within moments. She was dead and as far as we can tell he continued to have sex with her until he finished. Eckerd's behavior here suggests that he may have been necrophiliac. Many psychologists have theorized that necrophilia is motivated by the desire for an unresisted or unreflecting partner. It's worth noting at this point that eckert had had no significant romantic relationships in his life he had a few girlfriends in his twenties but reportedly drove them all away by trying to strangle them now in his mid forties. Perhaps he'd accepted that he wasn't cut out for relationship with a living woman. He didn't want companion so much as he craved. An unresisted object that he could manipulate as he pleased knowing. This eckert likely enjoyed his time with these abell. Even after her death he took his time cutting off transfer long silky hair. Then he put it into his pocket for safekeeping afterwards. He threw her body from his truck leaving her in a deserted clearing just off the freeway. He arrived home the next day where he sought before his rubber doll and meticulously added. Isabelle's locks to her lifeless head when he was done. He surveyed his handiwork with pride. It was slowly coming together. He just needed a few more handfuls of hair to complete the picture of course for that he just needed a few more dead bodies up next eckerd adds to his trophy tall. Hi vanessa from podcast. And i'm here to tell you about my new ten episode limited series obituaries. There are some of the most iconic figures of all time celebrated in death for their individual achievements and impact on society but in life the relationships. They kept. Tell a different story. One of unexpected connections that yielded extraordinary. Change every wednesday on obituaries. Join my co-host carter in me. As we explore the shared legacies of prolific pairs from the past from the mutual traumas of entertainers marilyn monroe and ella fitzgerald to the unlikely admiration. Between visionaries mark twain and nikola tesla each episode of obituaries digs deep into the lasting impressions made between two legendary figures. And how they're entanglements changed. The course of history these meaningful duos may have passed on but the profound effect they had on each other and us will live on forever. Follow the spotify original from podcast. Obituaries listen free. Only on spotify. This episode is brought to you by hot wire. Imagine a nice vacation is their view of the parking lot. No so don't book a cheap hotel book. An expensive hotel for cheap on hot wire with hot ray deals. You can stay in a nicer hotel than you ever thought. Possible just like your city neighborhood and amenities then get your heart rate. Better views king size beds and freshly pressed waffle woven ropes away to and also actual waffles. Download the hot wire app now and book. Beyond your wildest means all bookings final now back to the story in august of two thousand one forty two year old fokker eckerd murdered another sex worker twenty isabel yet east diaz before dumping her body. He took strands of her hair and brought them back to his apartment in. Hove germany and glued them onto a life-size doll. Unfortunately nobody reported he still missing. Enter body wasn't discovered by the highway for two months. The spanish police investigated the murder but eckerd left them little to go on and the case stalled but even though he was in the clear it seems that for the next year or so eckert. Stop killing altogether. Although we can't know for sure because there are gaps in the reporting and some of his victims have never been identified. But we know that by the following summer as eckert was driving back from a trucking job in france he felt the urge to strike again in august of two thousand two after finishing his drop off. Eckerd stopped in the tone of trois. He picked up twenty three year. Old benedicta woods a sex worker who was originally from sierra leone. When eckerd offered to pay her more if she agreed to be tied up and throttled she accepted but she never saw the money as soon as she was tied up inside his vehicle eckerd strangled benedicta to death. Then he took his usual trophy a few transfer hair as well as something new. This time he also kept benedictus handbag after he was done collecting trophies he dumped her body on a footpath on the outskirts of the town and headed home to germany back at his apartment. Eckerd added strands of benedictus hair to his life sized doll and hung her handbag.
Serial Killers
"volker" Discussed on Serial Killers
"Due to the graphic nature of this killer's crimes listener discretion is advised. This episode includes discussions of murder rape and necrophilia that some people may find offensive. We advise extreme caution for children under thirteen. On a chilly fall night in two thousand four volker eckert burning the midnight oil hunched over a table in his quiet living room. He'd worked long hours that week. Driving his truck south to italy and back for a last minute job but he didn't mind he didn't need much sleep not when there was work to be done besides he could sleep when he was done with his special project arts and crafts. That never been that interesting to eckerd before. But perhaps that was simply because he never found the right medium now although he was obsessed. I opened a tube of glue and carefully applied to the rubber surface. He was working on. He was methodical working slowly making sure he got it in exactly the right places. Once he was satisfied he reached for the next piece of his creation. Even as a small boy the texture of human hair had always enthralled eckert as he ran his fingers through the strands. He had to force himself to stay focused on his work. He lovingly trim the handful of hair. Getting rid of all the split ends and flyaways combing it until it shown in the dim light of his apartment. Then he placed the strands onto the rubber surface. Firmly pressing them down onto the line of glue. What's the glue was dry. Eckerd stood up and took a few steps back surveying his work. He was pleased. The doll was beginning to look truly beautiful. Almost like a real.
AA Beyond Belief
"volker" Discussed on AA Beyond Belief
"Mindfulness is a big part of it. But then if somebody wants to lower intensive program in that can work with you might from this or even or even in a college to come back to what you said before it is. I mean. i've worked with therapist throughout my life to and Therapists and coaches and the days. Just something so your name about addiction. I just essentially the best clinical psychologist. That either worked with that. I refer people with an expert in the jury signs of mental health and was at eight as well. And there's something about someone who you can say you're used to hide under the bed like you to you. Know you could laugh about it. And people who haven't been in just darned get that and the other thing with recovery coaches well as it's supposed slips know so whether it's alas or full relapse the someone who's getting they can talk to you is gonna be like i get part of the process happens avenue mate. What are we went from this little. Are you speaking language really like that. That i learned that the difference between laps and relapse in smart recovery they talk about they distinguish that and there is. There is an important distinction. That relapses a full going. Back to your previous behaviors. Where elapsed might be. Maybe maybe you had some drinks and maybe that wasn't so great. Maybe it was dangerous. But you didn't you didn't completely relapse into your former blast out of control. It's interesting you said. I tried smart recovery. But it didn't show in. Because i would also working with a clinical psychologist who had done five. Cpt and it's it's a little bit one once you take but i can see how it's a very pathak program me because i refuse to get of design. I did a lot of a new love. Because i was like. I'm going to see this. So can normally so. I studied law around in on your city i really looked at all the different ways of at the mind. Work had with addiction different ways of recovering yet. Because i wanted to drink moderately. And what i know now is the edge if we look at say criteria like days in five and look at you know has to from a motorist. Moderate to severe addiction is your miles. And you're essentially like a heavy drinker. You know your body will still go back to homicide. She could stop drinking and you. Maybe you drink again in happy days but like you were the what's happened when you get serious is in terms of the the way your brain is wide. You don't go by time status and anyone who's been a really heavy drinker addressees who's gone out again and realized that they back to drinking bubble volker. Dial back to you. Know the drug dealer on intravenous drugs trade away will have experienced that first hand you just you just go back to the you know the early days in moderate drinking dot. It's work like that. It's the why the warring has essentially changed. Now you build new urological cough ways you healthy coping with your emotions and octavian visiting everything about drinking at a mistreating. I go to parties..
The EcomCrew
Selling Your Business Is Simpler Than You Think
"Allegedly. Welcome to the podcast. Thank you mike. I'm happy to be europe. It's great to finally get to talk to you types. You all this hype here. And he remember we've talked quite a bit through email and also in the webinars but this is the first one. I think i've heard your voice. Oh okay actually met once and dewey. Yeah where was that are we. Sarah scott volkers. He had a couple years ago. You forgot it was like brand accelerator live. That was a great event. And i apologize. I mean i end up back in the days. When we had events i would meet to three hundred people you know at one time. It's hard to keep everybody straight and so correct. But i'm glad that we got a chance to to meet then and now i've done the know your snell if we met i would really remember you. You've been an awesome addition to the community and it's cool. I think that whenever we start a business we don't think about necessarily like. I want to sell it one day but ultimately i guess that is the goal at the end the day. If you really think about it you don't start it to just eventually folded or close it or give up on any of those things. I think the ultimate goal is to sell it. And you've reached that part of the journey. So i think that it will be cold to go back and kind of chronologically talk about and talk about the shell when we get to that point so. I'm looking forward to doing that. Yeah so i always ask this. I mean like how did you get. Starting e commerce whole thing it started is a great story. I think i started when i'm sixty one years old. I just kinda looked at what we had saved. My husband. And i and i went. You know. i think we're not gonna have enough one or die starting ecommerce business and at that time the amazing selling machine was opening. Its doors and i just jumped in and went okay. I can learn anything. I'll give it a try and reinvent myself. So that's what i did. I i had no idea I was ever going to really make any major dollars. I thought what i was gonna do and hopefully was maybe three or four thousand dollars profit every month to our bottom line and that would be great. But i reached cycle and four
VUX World
Integrating ANY bot from ANY framework into ANY contact centre with Ilan Avner, AudioCodes
"Excited to get into this discussion. We've been talking we've had discussions over the last number of weeks around. I connect an audio 'cause and and the things that you're doing in the conversation is based on the things that you are able in for for companies and builders and the likes or definitely excited to kind of get into it and if you're just tuning in we're gonna be talking today about how to connect essentially any bought really from any framework or service into any contact and pretty much and so definitely excited to get into before we do join a give us a bit of a bit of a an update on. Tell us about yourself. And and what is it you do. And what is the audio quotes does okay so thanks for inviting me. Miami is one of narrow I'm a direct thorough management with the codes. I work with the courts or more than one years. Most of them In the in the last three years. I started the war. I moved to the product management team. Where i'm now leading that it is related to contact centers wealthy see unified communications funny and the ones right around door discussion through their connecting chatterbox Jena's i'm in israel Close relatives now for those of you. Who don't or not familiar with coats. So article design leading provider for voice. Solutions will we specialize in connecting voice. Networks we are pioneers in the voice over. Ip space with over twenty five years in operations were threatening nasdaq about one billion-dollar the market top of we have closed eight hundred employees presents name more than one hundred countries and the our customers are a mainly service providers thoughts elephants of his providers contact centers unified communication service providers. Very close relationship with microsoft with a we work with zone within nice in contact with genesis via and we also have a lot of large enterprises That are that are the customers so we have a. I can say that sixty six out of the of his viner's and fifty out of the one hundred forty nine. The prices are customers. Nice impressive and and i mean israel right now is seemingly like a hotbed for for voice technology and compensation you at over in israel. It will quiet by funny. Volker acquired by snap audio caused as a whole lot of interesting stuff going on you is and voice wise in israel. Not the minute that's right. We'll have another start on saying israel focusing on boise high focusing on communication. Yeah a lot of it is in israel in this space. Justin audio codes has everyone you speak to. In the context center will tend to know audio codes and so audio costs traditionally must have played quite large role in The kind of context and space as you mentioned what what is it. The it's kind of known foreign and what is it that it's doing now. As far as kind of conversation is concerned conversation ali. i think what doing lots of things conversation. Holly is one of them on. We are a. We're involved on the context standard business with many providers Mentioned before and we are men. Business was connecting. This context centers do Other delicacies are other voice. Networks in the Positionally i suspect what were you doing is the we were. We leveraged Abilities to connect to any contact center. Now let's say maybe explain a little bit about extenders. On so there are the ball vendors condemn fuel genesis via cisco nizing contact amazon. Some of them has the on premise. Deployments i think most of the be blunt or contact centers specifically for large enterprises. Our on premise must now. They're are trying to move everyone to the cloud. It's not happening so fast. There are multiple cloud providers amazon. Connect tweet nizing contact five nine. So there are multiple providers Extent and we are active on on on this weekend on connect. We we we. We have connectivity to all of this contact centers We can connect with these on. This is what we're doing for the last twenty years on activity and we leverage this in order to be able to connect the dots specifically about a chat bots that developed on any ball train work through these contact centers and while i say extent i mean egypt context thurs. I mentioned now one more thing about contact centers. Let's take for example genesis which is allowed contact center provider genesis specifically has multiple and deployment option so architectures or their voice or the on accents or they have on premise one two types of on premise on the centers and the have one on the cloud. And if you go to a specific customer and you would like to connect your boss to a nebo at connected for the telephony. Let's will be the voice about the and connected to the context under than the complex standard may use one of the architecture as i mentioned and usually i d i would not change. What have they can change. Maybe configuration that within they will not change it so if you want to be the voice box and connected to the context are you will be required to connect the weather. Customer has so this is in general a little bit about context centers in what we do in this market
We Say Things - an esports and Dota podcast with SUNSfan & syndereN
Arcana Voting Semis
"Go. To get into. So we're. into. The semi-finals. For the Arcana vote. So, do any of these surprise you. So Specter beats more fling I think we both predicted that. Spin, beat Luna. Did we predict on? I predicted that Luna, I think we both predicted Luna Win win but I wanted spent to win. I was very pleasantly surprised. Of course, he's going to get crushed by Specter said as A. invoquer destroyed a P. L. no surprise. And this one was a surprise witchdoctor barely beat drought Rangers Syndrome. Yeah. which be John didn't expect either. So now out of our final eight, six cores to supports and the supports are lion witch doctor we're going up against void and invoke I think we're going to end up having only course left in the top four. That's right. So I think void will beat Lyon. NYPD will be handsome. Age Spectrum will beats van and invoquer will be which Dr Yeah and I don't think any of these votes will be close maybe sniper am a little bit the others but. Then again now that it's all kind of narrow down maybe all the support players. Will vote for their. They only have to to pick from. Yeah. That's the problem they should have had one That's how link group. That is true. Now you're splitting the vote, and if they both lose, you have nobody to vote for anymore. Then you need to get creative with who your support because it's your support picking Volker A. Sniper I. Like it. That's true for. Fair enough. Anyway, just remember guys when you're voting for your support, just don't vote for lion. That's the easy way to remember this gopher witchdoctor if you're going to pick one of the to. Maybe, they'll put the Capri Sun and gunman I mean there's zero percent, but you can just pretend
The Vergecast
The most interesting new Android 11 features so far
"Entered eleven. They released the developer preview earlier than ever. You can't just go install like a Beta you gotta flash it and it's mostly developer facing stuff But the stuff that is facing a real humans is a chat heads. Bubbles are making a grand comeback There's this like conversation section which I actually initially got wrong announcement post where they basically taking a whole bunch of all your chats. And they're putting him in a separate area notifications they might actually finally do real screen recording natively thank. God and they also are going to have better sort of APP security permissions and the big one is scoped storage. Which means that just like on the iphone Android APPS aren't going to be able to just look at whatever they want on your story to They'll only be a look at their special section unless it gets special permission to look at like generalized storage. So in the same way that like I dunno on the iphone at like I need permission to look at this and the more ended up soft to do that in the same way that macos. Catalina is constantly asking you look at the desktop. That's coming for android there. You Go Anyway a bunch of developers are going to have to contend with that and Google's finally just stopping saying please update your APPs to support the stuff. They're just making them do it. Because security I guess because some of the the scope storage stuff was already an android ten right. It was entertainment. It was Andrew. Ten is like hey we gotta do this and a whole bunch android volkers went. Oh like okay. Okay. We'll we'll do it next year but like please please look at this and now they're like. Yo we're doing this. Why are they doing this through the play store? You can't issue update if you don't support this thing because they can't so it's it's this gets into like the wildly complicated territory of the difference between Version of Android a the API version of android and which API version your APP targets in addition to all of that there's a new complication in android. Eleven where you can target the newest and latest. Api IF YOU WANNA use the newest stuff you need to target that level of API like you WANNA use the cool new thing. Api twenty-seven you have to follow API twenty-seven rules right but sometimes like there's like features in it that are knowing whatever and so now they're letting you like dynamically opt in stuff in weird ways. You can opt inner opt out of certain parts of the API. It's just It's radically complicated is but I'm getting at well. I'm just saying apple puts out a new version of Iowa's everyone has to hop to do what apple apple because they'll just put it across the entire install base very quickly or if you want to target the newest and greatest phone which is where probably the spending customers are. They'll have it whatever you got to follow the rules. Dandruff has Greg Google. Broadly has android. It's while they complicated. Api situation has placed or approval process. Which another Leverett can pull. Yep Right and then it has placed services on the phone which is yet a third and it also has Ads If you want to use ads on your APP the Google on one of the bigger ad networks and they have different rules there as well including it especially for apps that are like for kids they now have the Google play subscription thing which is another layer of approval But the biggest complication of all. That's more important than any of this is. The vast majority of android phones are a couple of years old. You know they don't have the latest and greatest operating system and so there's literally no incentive for developers to like update to do things like get rid of the side drawer that interferes with the back button and the Pixel 'cause you know half a percent of users have this stuff and so it doesn't bother ninety nine point five percent of your users like where's the incentive to like put the effort into updated. I'm not calling developers lazy. I'm saying that they're following the incentives at the ecosystem offers them. You know. They're putting their time into other things that bring them more return. Sure Google has to do things like change. The incentive structure and one of those changes is like making scope storage or requirements Which is like well. Okay now if I if I don't do it my APP BREAK. And that's they're doing that in part because it's like a it's a privacy and security issue. Yeah but where is it a requirement like we're in that stack of things where they can issue requirements is it a requirement that is it's the API level if you WANNA target and you want to be and if you want your APP to work I believe on android eleven okay and I think that the game there is still the newest phones will run end? Eleven if you want to run in the newest phones you got to work with right right. Yep and then if you but you can you can target the API and have it still working like older versions of the US in some cases so wildly complicated. Yes What else standard eleven I mean that's the big stuff big consumer facing stuff. There's a you know you could go and look at like android police and nine to five Google. And they had just a blast of a day just finding all the features weren't technically announced earlier. A bunch of the features that weren't technically announced so so my favorites are Scrolling screen shots finally coming back Airplane Mode Turning Off Bluetooth. Which is not you know it's been that's been fine on IOS for awhile but they're doing it here How do you? How do you ship phone's headphone Jackson? Not have this man. They are going to let you maybe pin APPs to the share sheet Which is interesting. Because share. Sheet has always been a disaster on android. It's just always been bad. They tried to do a bunch of stuff like machine learning on it. It slowed it down and tried to roll that back. And so there's like screw it you can just like put the APP to you. Want there on your own machine learning. Yeah guess what you want but it turns out you already know and then they are updating the Bluetooth Stack for controlling Baluchis devices to A new thing that has the codename gobble door chef. Just tell to tell the story DARSHA GOBERNADOR. Show is the son of Swain his name is Swain forked beard and You know that's the son of King Herald which is The Bluetooth Bluetooth comes from. So it's like the successor to tooth forked beard. Yeah I don't get where gobble gobble doors is. The is the word forked beard. His Dad King. Harald got the nickname. Bluetooth right yeah king. Four to beard got the nickname. Gabolde door shut and he did not become a text entered so so those blue blouses. Give me way better now. Yeah sounds like they're doing a lot to do it. A Lot And this is not the main consumer facing stuff because they always wait for Google. I O for that but this is like the stuff that we've been able to Glean Yeah android police in ninety five Google developers. It seems like a lot of stuff is hold over from ten. They just push back. There's a bunch of holdover from ten so like we screen reporting recording was an early ten Betas and then it didn't arrive These bubbles same sort of thing there but not used them and the stoke scope storage and the other from ten is intended introduced permission changes for location where you could instead of having it be all or nothing you can do while using the APP. Now they're continuing to chase what the iphone does and you can grant like a one permission for location Just once and they're also extending that to I. Think like cameras and microphones and then on top of all of that. If an APP just keeps asking you every time you open it for location permission and you keep saying no eventually android will like figure that out and they will block the APP from asking
Marketplace with Kai Ryssdal
Remembering Paul Volcker
"Here's the thing about Paul Volcker the former chairman of the Federal Reserve arguably one of the most influential of Fed shares. Who died it yesterday at the age of ninety two? Yeah it's kind of an amazing story that's author and New York Times editorial board member beaming Applebaum on this show about a month or two ago. He used to cover the Fed for the Times. When Paul Volcker I started at the Federal Reserve he worked basically as a human calculator in an office deep inside the Federal Reserve? There Have Bank of New York in the early nineteen fifties and he told his wife one night that he didn't think he had a future at the Fed that as an economist he was always going to be consigned to being essentially. Actually you know A worker bee at this institution that was run by financial market types businessmen. Those even a Iowa Hog farmer there and he didn't think that he had much chance of getting ahead. Suffice it to say Paul Volcker got way ahead at the Federal Reserve. Jimmy Carter picked him to run the Central Bank in nineteen seventy nine with inflation and this is important headed toward almost fifteen percent. I ask Carter about that about the economic and political fallout from picking Volker when I interviewed the former president in two thousand ten so I went looking as I Picked up this book. I went looking for the name. Paul Volcker who You pointed to the Fed in nineteen seventy nine. You don't come across crosses name until page three hundred and forty something and it's really funny because it is dismissed in a sentence. Paul Volcker came in We decided we could work with him. And then the the next day bang you name to defend that was really the one of the most hotly debated things. I did because a lot of my political advisor. Said don't appoint Paul Volcker because he's going to tighten up on everything and you will have no control at all over the Fed anymore. You won't even have communication with him when Paul Volcker came. I was seeing the prospect of enormous inflation rates. And so I agreed with Paul Volcker in conversation that I would not interfere in what he did. I was prepared for him. To tighten up tremendously and drive interest rates and so forth up in order to control rampant in. It's funny actually because a little bit later in the book you basically say in this passage that you dictated at the time Volcker says he's going to have to tighten interest rates. And it's GonNa hurt me politically. I mean. You knew it was coming. I knew it was coming but I was prepared to take it. I thought that I could be reelected in spite of that as it turns out. Of course things didn't work out for President Carter about which I asked Paul Volcker in two thousand twelve if I read the see the recounting of that job interview correctly in this book. You basically said I want independence and I gotta do what I gotTa do. It was obvious why he wanted to see me. But I MR president and if you're thinking of appointing me Germany Federal Reserve. You have to know that I believe in somewhat entitled Monetary Policy and we have been following and my predecessor followed. Yeah you know I the next question I asked the president actually was Did you mind when he raised interest. He's like that and he said Oh no I I thought it was going to be good for the next presidential term. I thought that term was going to be mine. Not Raking No. He asked him why said I cost him the election. There's some people said and he had kind of Ri- smiled and he said well I think there were a few other factors as well after he left the Fed in nineteen eighty seven. Paul Volcker worked on on Wall Street for a while. Got Drafted back into government service every now and then most. Recently as the chairman of President Obama's economic recovery advisory board and as the namesake for the Volcker Carulli. The part of the Dodd Frank Financial Reform Bill that limited some of the kinds of trades. The Big Wall Street banks could make. But really when you think Paul Volcker. It's those years in the late nineteen seventies early nineteen eighties when the Fed pushed short-term interest rates up to a record twenty percent to get inflation back under control twenty percent went today the Fed's current short-term target rate is between one and a half percent and one and three quarters percent and it hasn't over five in more than a decade which makes double digit interest rates hard for most Americans below a certain age to even fathom so marketplace's Amy Scott takes us back in the early nineteen eighties and Owen managed a bank branch Boston to remember telling customers. They'd have to pay twenty one percent interest for a car loan today. The average is just over for four percent. They would get mad at the bank and many times they would just basically say I can't afford that. Oh and went on to become an economist at the Fed and now teaches at Hamilton College. She says those high interest rates had a purpose volcker was trying to slow down demand by making borrowing more expensive give. It made it difficult for people to buy houses by cars Credit card interest rates. Were extremely high. The economy did slowdown slowdown falling into two recessions. In one thousand nine hundred eighty two unemployment topped ten percent in protest homebuilders mailed. Chunks of two by fours is to Volker and members of Congress. Fred Napolitano is former president of the National Association of homebuilders. Just make a point to say this is what we do is is what we build you know with. The interest rate is hurting us. That pain eventually paid off. Robert King is a professor of economics at Boston University. Ultimately once people began to believe that inflation was gonNA come down it came down and interest rates tumbled and the economy recovered and and it's viewed as a major triumph at triumph. Nobody wants to have to repeat. I'm Amy Scott for marketplace. Paul Volcker did yesterday at at the age of ninety
The World
Feds pursuing broad investigation into two associates of Rudy Giuliani, including his consulting business
"We've all heard about the three Amigos I'm lucky to the pharmacy to get that's the knuckle head trio a Steve Martin Chevy Chase Martin short in the nineteen eighty six comedy but now the three Amigos is also synonymous with three US diplomats at the center of US policy toward Ukraine those that make us our ambassador to the European Union Gordon Sunland energy secretary Rick Perry and former special envoy Kurt Volker there's also a sequel here if I may this time it's two Amigos who emerged as central to the impeachment story Soviet former business associates a left Parnassus and Igor Froom on the men were apprehended at Dulles airport in October with one way tickets to Vienna I asked author Gary Graff what we've been learning about the two men in recent days I'm sort of the Rosencrantz and Guildenstern of the impeachment inquiry is popping up in odd places and serving as key go betweens between Rudy Giuliani some of these Ukrainian old darks and even appearing to do some business with president trump on behalf of president trump but love hello this is appearing to be willing to cooperate with house investigators and has turned over some set of audio in potentially video recordings to the committee although he is also in other places asserted his Fifth Amendment privilege to avoid testifying about some of those campaign finance questions where's your from and is not cooperating with Congress and the investigation so it's clear that partners sees any opportunity to potentially help get himself out of the hot water that he's in with federal prosecutors by cooperating with house investigators so in the past two days part of this is also making life more difficult for representative Devin newness the Republican chair of the house intelligence committee what has partners alleged so one of the things that has come out in the last couple of days that is added to the circus like atmosphere of these impeachment hearings is the stunning news that Devin nouni as the man who has been leading the president's defense as ranking member of the house intelligence committee himself has actually been out in Europe investigating Joe Biden's ties in Ukraine and hunter Biden's business ties in Ukraine and that Noone has has been trying to dig up dirt alongside some of these efforts that we have seen from folks like the desert deposed Ukrainian prosecutor Victor shorten so this week fox news anchor Maria Bartiromo ask newness about that trip bottom line were you in the end it with Shokan yeah the look of I really want to answer all of these questions and I promise you absolutely will come back on the fifth hole it answer these questions Gary Graff wouldn't be pretty easy to establish whether harnesses claim that Noone is went to Vienna it's true yes and in fact there's very clear evidence that at least aspects of it are true Devin unions has filed for tax payer reimbursement of some of these trips including at least fourteen thousand dollars that he charged for a four day trip that would appear to me to the parameters of what is being alleged so basically the allegation is that Devin newness was also trying to dig up dirt on the buttons yes it into put it a little bit more simply that Devon knew me as the leading defender of the president in Congress in these impeachment hearings is himself a co conspirator in the underlying efforts Gary Graff is the author of the threat matrix inside Robert Muller def be on the war on global
John Williams
Jussie Smollett sues Chicago claiming malicious prosecution
"Jussie Smollett is counter suing the city of Chicago saying he was the victim of a malicious prosecution the city is suing the actor for cost of the investigation into what the department says was unfounded claim of a racial attack and the US ambassador to the European Union is insisting that there was a quid pro quo involving Ukraine testifying in the house impeachment hearing cordon Sunland said everyone was in the loop you stressed that he energy secretary Rick Perry and then special envoy Kurt Volker worked with trump lawyer Rudy guiliani quote at the express direction of the president of the United States and quote WGN sports the bulls are home Detroit is in town the university of Illinois is hosting the citadel in college play your money on WGN the Dow was down a hundred forty seven points over time the trade worries the nasdaq down fifty two and the S. and P. five hundred down nineteen I'm Stieber trained on Chicago's very own seven twenty WGN I don't I don't know that my building has one but as a member of the condo board I think I'm going to suggest that we get into that my parents
This Morning with Gordon Deal
Volker says he didn't realize link between Ukraine investigations and Bidens
"Envoy Kurt Volker says he played no part any effort to pressure you crane to investigate Democrats I was not on the July twenty fifth phone call between president trump and presidents Lynskey I was not made aware of any reference to vice president Biden or his son by president trump until the transcript of that call was released from accused of pressuring Ukraine to launch a political investigation at the same time he was delaying US military aid to Ukraine Voelker said relations with Ukraine have been thrown into disarray he calls that a tragedy meantime Voelker expressed concerns about trump lawyer Rudy Giuliani's unofficial diplomatic efforts in Ukraine Walker stressing Ukraine's new government had nothing to do with anything that may have happened in twenty sixteen Republicans of trying to link Ukraine to election interference in America's presidential election in twenty
AP News Radio
The Latest: House panel wraps up 5-hour hearing
"President trump appointed Gordon Sunderland a major campaign donor to be ambassador to the European Union and it's believed he holds the key to whether trump held up military aid to Ukraine to force an investigation into democratic rivals a state department counselor in Ukraine testified he over heard Sunland reassuring president trump on his cell phone call on July twenty six that Ukraine's president agreed to investigate trumps democratic rivals for witnesses testified yesterday to said there was no quid pro quo former Ukraine envoy Kurt Volker defended former vice president Joe Biden against GOP allegations I know he respects that his duties of higher office and it's just not credible to me Republicans say the Democrats are just looking for a way to aus to president trump Jackie Quinn Washington
MSNBC Rachel Maddow (audio)
Impeachment hearings: Tuesday was a disaster for Republicans
"Impeachment proceedings against President trump were a doubleheader today with hearings both this morning starting at nine. Am Eastern and men another marathon hearing this afternoon starting at three o'clock eastern extending well into the evening tonight ending less than a half an hour ago. Now the the second hearing today the afternoon and evening session that just ended was tactically a first though because the two witnesses were called specifically in the impeachment hearing this afternoon were the first witnesses who were specifically requested by the Republicans on the committee. Now we don't know exactly why hi. The Republicans on the committee were so eager to call these particular witnesses today. It kind of seems clear from how it went with them today that the Democrats would have been just as is happy to call them to if the Republicans hadn't but this is specifically who the Republicans wanted and it seems like it's probably Lee not the way they had wanted it to go does not credible to me. That former vice president biden would have been influenced in any way by financial or personal motives in carrying out his duties as vice president. I don't think that raising twenty sixteen elections or vice president and Biden or these these things I consider to be conspiracy theories that have been circulated by the Ukrainians particularly the former prosecutor. General are are we there not things that we should be pursuing as part of our national security strategy with Ukraine at the one in person meeting I had with Mayor Giuliani on July. Nineteenth mayor. Giuliani raised and I rejected the conspiracy. Theory that Vice President Biden would have been influenced in his duties as vice president by money. Money paid to his son as previously testified. I have known vice. President Biden for twenty. Four years is an honorable man and I hold them in the highest regard embassador Kurt Volker who resigned as U S envoy to Ukraine when the impeachment scandal broke. Open a few weeks ago. He was asked to testify testify before these proceedings. He accepted that invitation to testify and he resigned his job What that means though? Because he was the first witness they asked to come in and give a closed-door deposition that tells you that the Democratic leadership of the impeachment committees were happy to hear from Ambassador Volker as a witness in the first instance. I'm I can surmise. That the Democratic leadership of those committees would have been happy calling him again for this public testimony of the type that he went through today that said he was specifically requested Republican witness the Republicans on the committee specifically wanted Ambassador Volker and to Morrison who he testified alongside alongside today. I'm not exactly sure why. The Republican members of the committee were so psyched to have him there today specifically as their witness but there he was it was ambassador Volker and as I mentioned a senior national security official who also recently resigned his post. The man he testified alongside is named Tim Morrison Morrison Morrison on Volcker are the witnesses the Republicans wanted to make sure got their turn before the cameras in these televised hearings but whatever the Republicans motivation was for that honestly. Their testimony wasn't awesome for the President's defense. Not at all quite the contrary now after this larger meeting with the vice president pence presidents Alinsky testified at your deposition that you saw ambassador John Lennon immediately. Go over and pull Andre Earmark aside and have a conversation as president Zone Linski left the room vice president pence left the room and in sort of an anteroom Bashur Samland and presidential adviser. Your had this discussion. Yes Bachelor Sunland Sadie. Tell you that he told Mr Yearbook that the Ukrainians would have to have the prosecutor. Ask You your general Make a statement with respect to the investigations as a condition of having the eight lifted. Now did you tell Ambassador Bolton about this conversation version as well. I reached out to him as well and requested his availability for a secure phone call and what was his response when you explain to him what ambassador Sunland had said. Tell the lawyers now. A few days later on September seventh you spoke again to Ambassador Sunland. Who told you that he had just gotten off the phone with President? Trump isn't that right. That sounds great. Yes what did ambassador Sunlen tell you that. President Trump said to him. If I were called this conversation correctly this was where On related that there was no quid pro quo by presence. Alinsky had to make the statement and that he had to wants wants to do it year by that point. Did you understand that. The statement related to the Biden in a two thousand sixteen investigations. I did yes. And that was a a essentially a condition for the security assistance to be released. I I understood that. That's what embassador sauna believed after speaking with President Trump. That's what he represented. Did you tell Ambassador Bolton about this conversation as well I did. Yes and what did he say to you. He said to tell the lawyers once again what I call them the second time for something like this once again. He told me tell the lawyers do. Do we need a theme song for today. How about tell the lawyers fire up the embroidery hoops day? Three three of the trump impeachment hearings had provided us with yet another set of words to live by words to stitch onto a pillow. At least words words to watch out for in testimony about how the president's own appointees talk to each other when they learned about what the president had been cooking up behind closed doors to don't even tell me talk to the lawyers dude. Are you calling me about another one of these. I said talk to the lawyers. Do you have the lawyer so number. Can you get to the lawyer's office.
The Frankie Boyer Show
Volker at impeachment hearing: 'I did not know of any linkage'
"Former US envoy to Ukraine ambassador Kurt Volker told the house intelligence committee he was never part of any effort to pressure Ukraine into investigations to help president trump in exchange for military aid I did not know of any linkage to White House officials told a democratic led committee earlier in the day they were concerned when the president brought it up in his July twenty fifth call with Ukraine another former White House aide said he wasn't concerned anything illegal was discussed and top committee Republican Devin newness sees no evidence of wrongdoing it's obvious the Democrats are trying to topple the president so we because they despise there's more public hearings on Wednesday and Thursday this is the US state radio news
The Young Turks
Major Takeaways From Tuesday's Impeachment Hearings
"Today was a big day for the public hearings on the impeachment. Investigation number of trump administration administration officials did testify. One of those officials. Was Kurt. Volker who is no longer a trump administration official but he was formally The special envoy in Ukraine now his testimony publicly apparently is different from what he said privately. So let me give you the details IOS according to Various sources The week writes in his original closed door testimony when asked if there was any talk of investigating the Biden's in July ten and meeting with Ukrainian defence leader Volker repeatedly answered no but when appearing publicly before the House Intelligence Committee on Tuesday Volker reverse that statement on Tuesday Volker acknowledged that Gordon Psalm land the US ambassador to the EU brought up the investigations and that he found it inappropriate in fact in the next clip. That you're about to watch. He discusses what he really feels about the demand for the Biden investigations nations. This references the conversation. I had with Mr Giuliani as well where I think. The the allegations against Vice President Biden ourselves serving bringing and not credible so the fact that he says that it self serving is important because one of the trump defenses that we commonly hear from Republicans is it. What's the big deal? Quid pro quo. We do it all the time right. I mean we do. We make these deals with foreign leaders. Yeah you make the deals with foreign leaders in in an effort to do what's in the best interest of America overall. Not what's in the best interest of the president or his political campaign which was the case with Donald Trump trump or the very least in the best interests of the American military industrial complex but not for individual politicians Yeah and it also undercuts. I I know that a lot of right wingers had been expecting that he might sort of come up hint that well you know there were concerns about Biden at the time. Like that's that's one of the main like one of the main three. I guess defenses if the trump was that obviously issues of Biden and his family and so you cannot say that it was weird to bring it up but he's pointing out that no the people in the meeting knew that there was no legitimate reason talking about investigation by that time and in previous testimony We learned that the investigation into the Biden's makes no sense because the accusation Asian by trump is that Biden wanted to get rid of a prosecutor in Ukraine who was investigating Burris MMA but now we have multiple support people who are part of trump's administration. Saying no that prosecutor who got fired first of all the international community wanted him to get fired because the investigation was a stagnant and that particular prosecutor was corrupt. And so you say that. And it's so simple so easy understand but even that very easy to under the understanding in like three months that this scandal has been in the public like attention. You can't accept that. No I still think no no by Biden project to them so I get your perspective and you're right you're definitely right but also at the same time like this is why the giant conflict of interest of having Hunter Hunter Hunter Biden. Serve on. That board is coming back to bite. Biden You know because you really shouldn't have been on that board. Let's keep it real honest about that. Might China have a big conversation where we finally take stock of the fact. That nepotism is a huge thing in American politics and American business in America entertainment and music and the media and all of that and we we strip all those people that positions that make them actually earn what they get. Ben Sure we get rid of Hunter Biden in you. Know Jared Kushner doesn't have his job and you get the trump's aren't running the trump organization Shen and Meghan McCain's off the view and everything. I think we can totally have that conversation. It's probably long overdue. But that is not what Donald Trump was trying to do. It is so disingenuous of the right to pretend that that trump actually cared about hunter by not insofar as hurts the credibility of Biden an election but because Hunter Biden being on that board means well. That's really hurting the energy sector of Ukraine. I won't stand for it. No Look I. One hundred percent agree with you and think about Donald Trump and the nepotism within his own administration. I mean two of his top advisors are family members who have absolutely no business serving in the White House or in any form of government for that matter. Yeah so One other quote from volkers testimony that I wanNA share with you. He said quote. I participated in on the July ten meeting between National Security Adviser Bolton and then Ukrainian chairman of the National Security and Defense Council. Alex Danube Daniel loop. Who has the best name I love? Because as a reminder The meeting was essentially over when ambassador. Gordon solid again. Gordon Sahlin keeps coming coming up Made a generic comment about investigations. I think all of us thought it was inappropriate. The conversation did not continue and the meeting concluded. Yeah so can I just talk briefly about So Volker his what he just said a little bit different in some substantive ways from what you said earlier silent was the earlier version of that he originally originally said no quid pro quo totally not. And he's like sorry I meant quid pro quo. It's easy to get this to mix up and you know why the reason why changes testimony is because his testimony conflicted did a great deal from the testimony given by other trump administration officials exactly in. So that's what's really interesting about. The Republicans didn't want the closed door hearings. They also coincidentally don't want the public ones but they didn't want the private ones but the thing that the private ones brought was they had multiple people come in talk about what they knew and then when stuff started to come out from it some of them started to realize like oh it's gonna be really hard to sustain what I told them or best case scenario some of them their memories jogged or whatever and so now they're story is changing especially when they have apparently come to the understanding that they work for a guy that would love to throw them under a bus and they. They don't want to be the person who goes down for this Gordon San's like this was just fun man. I just spent a million dollars. I thought it'd be cool to be ambassador for a few years. I don't WanNa go to jail for Donald Trump. And so if Gordon Gordon Sunland tells the truth or at the very least avoids going to jail for perjury or something like that. Then at the very least from his point of view it passes the buck to Rudy Giuliani. Who can go to jail right? And I think that it is honestly given what we've heard 'cause look we know that investigations into trump don't necessarily work out out the way that you would expect them to. Even if there's overwhelming evidence you know the obstruction of justice outlined in the report is just so clear but all the people surrounding funding Donald Trump who engaged in any type of criminal activity paid the consequences. So if I had to take a bet on. The fate of Rudy Giuliani Donald. Trump's personal lawyer. He's in a lot of trouble. And trump will throw him under a bus as soon as it's convenient for him to do so.
Jim Bohannon
Kurt Volker completely reverses his previous impeachment testimony
"It was another big day on Capitol Hill before the house intelligence committee and that we have more on the of what transpired this past day with brick Conway I've learned many things that I did not know at the time of the events in question former special envoy to crane Kurt Volker slipping his script from his past testimony to house impeachment investigators now saying he realized Ukraine aid was in fact links to a dirt for dollar scheme I oppose the hold on U. S. security assistance as soon as I learned about it on July eighteenth and I thought we could turn it around before you craning as ever knew or became alarmed about former National Security Council aide Tim Morrison testified that vice president pence did not mention investigations being the reason USA do you crane was held up during a meeting with Ukrainian president salen skate the represented his support for the aid he represented to you the strong commitment of the United States to Ukraine and he explained that president trump because this is after the political article I had come out that that made clear there was a hold this after a full day of testimony from Penn state Jennifer Williams and National Security Council official lieutenant colonel Alexander van man president trump again lashed out against the investigation do you have a kangaroo court
On The Edge With Thayrone
Former Ambassador Kurt Volker Testifies In Public Impeachment Hearings
"Former US envoy to Ukraine Kurt Volker testifying in the impeachment inquiry of president trump I was not on the July twenty fifth phone call between president trump and presents a Lynskey I was not made aware of any reference to vice president Biden or his son by president trump until the transcript of that call was released on September twenty fifth twenty nineteen lawmakers earlier heard from a witness with first hand knowledge of the call I properly report my concerns an official channels to the proper authority in the chain of command my intent was to raise these concerns because they had significant national security implications for our country army lieutenant colonel Alexander been men saying the context of the call makes it clear that the president's request for an investigation of Joe Biden was not simply a request the president telling reporters he doesn't know vin men and has never
Clark Howard
Impeachment Hearing Schedule: Who's Testifying This Week?
"Story starting tomorrow public hearings in the house impeachment inquiry start their second week there will be three days of hearings that will include nine witnesses tomorrow morning we'll hear from former Ukraine special envoy Kurt Volker Ukraine expert lieutenant colonel Alexander vin men and Jennifer Williams she's an aide to vice president Mike pence president trump called her a never Trumper on Twitter over the weekend the big testimony though this week you ambassador Gordon song center Gordon sunlight he really in in testimony that came out over the weekend from a former Annecy official to Morrison has really put him in the center of this at the spotlight he's already coming to revise his testimony once but what he has is a direct link between this back channel to get Ukraine to conduct investigations and trump himself reporter Katherine folders meanwhile democratic house speaker Nancy Pelosi has invited president trump to personally testify in front of investigators from is not ours V. PBS but he tweeted that he might be willing to offer written
Jim Bohannon
New details emerge in Ukraine case on first day of public impeachment inquiry hearing
"Well the curtain has been raised on the public impeachment hearings as members of the house intelligence committee heard from two key witnesses this past day and correspondent Linda Kenyon has more from Capitol Hill come to order German Adam Schiff this is the first in a series of public hearings the committee will be holding is part of the houses impeachment inquiry in his opening statement chairmanship said the committee will hear testimony about whether president trump strong arm to US ally Ukraine to do him a political favor in exchange for the release of congressionally approved military aid whether president trump sought to exploit that allies vulnerability and invite you craze interference in our elections whether president trump something that condition official acts such as a White House meeting or US military assistance on Ukraine's willingness to assist with two political investigations that would help his reelection campaign the ranking Republican on the committee representative Devin Nunez objected to the entire premise it's nothing more than an impeachment process in search of a crime the top US diplomat in Ukraine William Taylor with several decades of public service under many U. S. president said he has no political axe to grind I am not here to take one side or the other Deputy Assistant secretary of state George can also presented his credentials I have served proudly as a non partisan career foreign service officer for more than twenty seven years ambassador Taylor told the committee about what he called an irregular channel a foreign policy being conducted in Ukraine channel that included then special envoy Kurt Volker US ambassador to the European Union garden softened secretary of energy Rick Perry White House chief of staff Mick Mulvaney and as I subsequently learned Mr Giuliani Giuliani as president trump's personal attorney who was central to carrying out the president's efforts to pressure Ukraine to conduct an investigation of political rival Joe Biden I wrote that withholding security assistance in exchange for help with a domestic political campaign in the United States would be crazy Taylor also described in interaction with Gordon Sunland that seem to double down on that issue the member of my staff asked investor song and what president trump thought about your great as a song responded that president trump cares more about the investigations of Biden committee counsel Dan Goldin press Taylor further about this point have you ever seen another example of foreign aid conditioned on the personal or political interests of the president of the United States no Mister Goldman of not Goldman then pose the question to Deputy Assistant secretary of state George can't is pressuring Ukraine to conduct what I believe you've called political investigations a part of US foreign policy to promote the rule of law in Ukraine and around the world it is not where is the impeachable offense Republican John Radcliffe but chairman Adam Schiff said if this is not impeachable conduct what is Linda Kenya on