Even Greenspan Knows We’re Screwed
In case you
missed it, Alan Greenspan just set a new world record for hypocrisy stating
that the Fed’s stimulus has had little impact on the US economy.
As a brief
reminder, it was Alan Greenspan who created both the Tech and the Housing
bubbles by maintaining loose money policies. It was also Greenspan who helped
Wall Street to dismantle regulation related derivatives, leverage, and more.
way… pretty much every single problem with the financial system today was
created or at least greatly aided by Alan Greespan and his policies. And if you
think Greenspan was just an ignorant dupe, you should consider that as early as
1999 he stated in private that derivatives could “implode” the market.
So to see
Greenspan now criticizing Bernanke’s moves is beyond astounding. Don’t get me
wrong, I’m not in any way defending Bernanke. I’m just saying that it’s odd to
see Greenspan criticizing someone who did the EXACT same things Greenspan
Greenspan’s statements (he also said Greece will default) tell us quite a few
things about the Fed:
Fed is a political entity and as such politics, not economics or finance
determine its decisions
Fed is aware that it is incompetent but is beholden to the Wall Street banks
#1, Greenspan’s sudden move to start stating the obvious, after years of
presenting rambling nonsense defending Wall Street, reveals in plain terms that
those who run the Fed are essentially political lackeys who operate on behalf
of Wall Street. They are not
regulators, nor are they actual policy makers. They are politicians who act as
front men for the big banks, presenting a friendly face for Wall Street’s
rampant greed and corruption.
us to point #2, for Greenspan to note that the Fed’s actions have accomplished
next to nothing makes it clear, beyond any doubt, that those at the Fed are
aware that their policies are futile. Bernanke himself has even hinted at this
in a recent press conference in which he stated that the Fed didn’t understand
why the economy wasn’t improving.
home point with all of this is that the Fed is in fact powerless to address,
let alone fix, the Financial Crisis that began in 2007. Indeed, the Fed’s key
role in creating it was to let Wall Street dictate the Fed’s moves. And now
that the Fed is supposed to solve the
Financial Crisis, we’re finding out not only do they have no clue how to do it,
but they’re even aware of this fact.
me to my final point: the Financial Crisis of 2008 is NOT over. In fact, that
whole disaster was just a warm up for what’s coming down the pike. Indeed, the
Fed is fully aware that it hasn’t solved anything. All it’s done is print
money, which has made the Financial System MORE leveraged than it was during
the Tech bubble and created inflation in food and energy prices.
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