Contrary to Greenspan, we can conclude that it is not long-term rates as such that fueled the bubble but the loose monetary policy of the Fed. We can also conclude that the so-called savings glut in emerging economies had nothing to do with the last economic boom or the current economic crisis. The only institution that can set in motion the expansion of money and a false boom is the Fed. FULL ARTICLE
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4 comments ↓
I wonder why the fed is so secretive. Something to hide, maybe? Did you know that it’s against the law for congress to simply audit what the federal reserve does?
The principles of a free society are at odds with the idea of such secrecy.
That’s why I fully support Ron Paul’s HR1207 – which would legislate that the fed must open their books. Read about it here
we keep hearing about how the “markets” supposedly failed, or it was unbridled greed. Yup. sure. especially if that’s what’s the politicians tell us too.
But pay no attention to the bernanke behind the curtain please. move along. nothing to see.
Does “if you have nothing to hide, then you shouldn’t mind if the Government looks over your shoulder?” sound like something you’ve heard before? Seems like I heard something similar not long ago. I think it was uttered by those who supported intrusion into everyone’s private lives by the Government.
The Fed is the Ideal perpetual motion machine. They can have their cake and eat it to.
I wonder if we can all do that?
The reality of it all is that we have two rules of law, one that applies to us, and another that applies (or actually doesn’t) to the government. They get to do hundreds of things that you or I would be thrown in jail for.
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