A constant theme at NOTES FROM UNDERGROUND has been that the lunacy of Federal Reserve Chair Jerome Powell finding his inner Volcker belongs in the pantheon of fantasy. As I have said before: Paul Volcker wouldn’t be able to find his inner Volcker in a financial system plagued with HUGE amounts of leveraged risk, coupled with a huge overhang of both PUBLIC and PRIVATE DEBT. And yet FED officials are still out there pondering whether to raise 25 or 50 basis points at the next meeting.