Written by Roger Erickson
I’ve always discounted the systemic impact of Outright Fraud such as revealed by the TESTIMONY from Bernard Lietaer (video follows the Read more >> break.
Watch Bernard Leitner explain how banking controls the economics profession.
But I must finally question my position now that Alan Greenspan dropped his latest bombshells, as a paid shill of course.
Now I’m back to wondering if the momentum of Innocent Fraud always transitions seamlessly into Outright Fraud, just because some people with their hand in the till eventually realize what they’ve started, AND THEN JUST CHOOSE TO RATIONALIZE IT! Once that trend gets started, it’s hard to stop.
It’s not Hyper Inflation that we need to worry about, it’s Hyper Embezzlement!
This is, literally, the Gresham’s Dynamic of which Bill Black warns. See Gresham’s Dynamic: Why Bad Actors Dominate Financial Services and Bill Black’s many works.
In the rambling videos below, Greenspan executes a classic propaganda lesson, to never let a good crisis go to waste – all while distracting people with attractive words like growth rate, productivity, temporary belt-tightening, and “Double-Entry Bookkeeping”.
Some examples of nonesense:
A) Someone paid him to say right up front that the entirety of our problems are because of growing entitlements, which he says we “cannot afford” ; BMHOTK!
He’s talking about Automatic Stabilizers like Head Start, SocSec, Medicare, etc, but NOT Military funding.
Basically, he says that we’re paying the serfs too much, so that no one’s investing.
To serve the pent up aggregate demand? Excuse my language, but WTF?!!!
B) In parallel, he urges a return to the Gold Standard. See Documentary Of The Week: Alan Greenspan On Brexit, The U.S. And The Rest Of The World. [He rambles early on, then gets to the Gold Std at min 18 in the video; and then tolls the benefits of the period 1870-1913 as the golden-age of the Gold Std.]
Huh? The crisis of 1907 was peak gold? The 6-year depression started in 1873? What about the 11 recessions in 43 years? And a period when 262 months out of 504 (52% of the time) was spent in economic contraction? The entire period was deflationary with aggressive deflation from 1870 to 1898. See graph below. Money hoarders were enriched; borrowers were repeatedly bankrupted; and property owners lost wealth. What a glorious period! NOT!
What absolute, incompetent rubbish from the man who ran our financial economy for three decades!
Like Trump, this guy will say opposite things on opposite days, for whomever pays him to screw his country … and countrymen!
It brings me to a slow boil just watching this dottering imbecile. He sounds like Lyndon LaRouche – spouting intriguing words, which never connect – AND WE MADE HIM FED CHAIRMAN FOR 30 YEARS! It’s almost more than one can believe.
This is pure evil genius, parasite-style. These people have no shame, no conscience, and no brains ….. except those reflexes tuned to keeping us distracted, confused, divided and conquered.
They’ll keep applying the leeches to their own social aggregate until their own golden goose is killed.
We’re back to 1913 & 1929. We have to save these people from themselves, in order to save ourselves.
