Jubilee Prosperity

Dr Greenspan presided over most of the 84% decline in the dollar relative to gold from 2001.

By resigning in 2006 to be replaced by Helicopter Ben Bernanke from Princeton, Dr G totally missed the 2008 consequences of
derivatives deregulation he extolled.

He avoided the puncturing of the real estate and securities
bubbles he created pumping up the money supply after 9-11 and the
unenforcement of securities laws safeguarding free markets since 1933.

Dr G, famous for uttering Sphinx-like speech during Congressional hearings, left the Fed hotseat safely before his turkeys came home to
roost. He claimed in retrospect to have totally missed the Panic of 2008.

http://en.wikipedia.org/wiki/Alan_Greenspan

Now his nervous plaintive successor Ben Bernanke struggles with the same ineffective neoKeynesian monetary tools that threaten to turn deflationary
Depression into hyperinflationary Depression.

Meanwhile, the DC Borg monopoly media still call a -15.2% GDP implosion with 21% de facto unemployment Recession.

Hard to believe Dr Greenspan wrote an essay on Gold and Economic Freedom in Ayn Rand’s 1966 book, Capitalism, The Unknown Ideal.

http://www.usagold.com/gildedopinion/greenspan.html

Dr G advocated the gold standard back then to protect against inflationary default. He was rumoured to use the gold price as a leading indicator of interest rates to know when to step on the monetary acceIerator and brake.

In subsequent correspondence with his Federal Reserve office while at Stanford Capital after Merrill Lynch and Stanford University, he deemed the gold standard impractical.

Some suggest Dr G should have stayed with the Clarinet, Saxophone and Stan Getz at Julliard instead of going to NYU and Columbia to study
neoKeynesian Economics.

Pages: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

This entry was posted on Wednesday, November 4th, 2009 at 8:50 am and is filed under Prosperity. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.