Econo 101
Biggest Whopper of 2005:
"In Greenspan's reign, the U.S. achieved what prior generations of economists thought impossible: low inflation and steady growth."Biggest Understatement:
"Greenspan won the admiration of presidents, Wall Street and central banks around the world."
posted by qrswave @ Saturday, December 31, 2005
4 Comments:
I once worked in travel, which is where I found most of my friends. NONE of us is better off.
In fact, outside of that field, I still don't know anyone doing well except an engineer who is "working" on the west approach to the Bay Bridge in San Francisco. He's making more than ever, way over 100k/yr, and he NEVER works while he is at work. One of his CALTRAN coworkers, a superior, runs his convenient stores from his office and NEVER does the state's business.
For some people, Greenspan was a boon, for most, he was bust.
Greenspan was a man who hankered after Power. And to keep the Power(18 years) he bent the rules to accomodate the different Adminstrations.
Now the chickens are coming home to roost. Greenspan of course will have retired to his roost while the millions of Americans and the billions around the world will pay the price for his follies.
Globalisation was the export of worthless American dollars around the globe
Greenspan isn't a meglamaniac like some of your people claim. Actually for Americans it is much much worse than that. Because a Meglamaniac brings shame and spite to the people he presides over.
It is worse because Greenspan is actually a FOOL. Greenspan has printed dollars and sent them to China. This is the biggest was of a nation's wealth since Britain got stuck into WWI on an escapade to criple the industrial competition of Germany, break up Austria-Hungary into proxy states, and take the Middle East territories from the Turks. (and the war in Iraq is a result of British meddling there-if they left the Turks there would have been a local war and then the Turks would have been forced out).
Greenspan issued credit like as if that was what he supposed to do. Globalization kept inflation low. Besides US inflation is measured without taking into account the two key elements which cannot be done without - food and energy. The "productivity miracle" is something which exists only in the US Bureau of Statistics, and only then since about 1995. It is another fudge. Greenspan's warnings were soft, and often accompanied by reckless behavour.
In twenty years time people will refer to Greenspan as the "idiot". He might seem mild mannerd and harmless but his stupidity will do more damage to America than 1929. Greenspan facilitated the will of a minority of people who never go hungry, who never do 40 hours a week in a regular job, and who want to keep a hold on the economic the power of the nation. Anybody else got any ideas ? This is an important issue and should no longer be ignored/fudged as is happening in the mainstream media. We are fighting for the freedom of other peoples and we are losing our freedom under a mountain of debt at home. Think about it ?
sorry, it took me a while to weigh in - exams.
anon #1, whenever a society allows money to beget money, those who have it will never work, while those who don't will have to work ten times as hard just to have the privilege of using it.
anon #2, you're right on the mark. Globalisation is the export of worthless dollars around the globe, often at the barrel of a gun.
dawnel, you couldn't have been more accurate in your assessment. and yes, it should be everyone's and is my 2006 new year's resolution.
anon #3, I agree that everything the Fed does is nonsensical if measured by how it impacts the nation's interests. But, Greenspan is no fool. He's very shrewd and everything he does is calculated to maximize profits for the head honchos across the Atlantic to whom he's beholden.
The mainstream media not only ignores and/or fudges this issue, but it is complicit in attempting to conceal from the American public the true nature of the grave problems we face.
I agree that this issue is of utmost importance and must find its way to the forefront of political debate before the year is out.
Thanks everyone, for sharing your thoughts.
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