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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (67498)9/10/1999 3:41:00 PM
From: pater tenebrarum  Read Replies (1) of 132070
 
Wayne, obviously i agree. contrary to the widespread perception that Greenspan is a sort of demi-god, i believe that he is actually more of a criminal. i say this because i recently read a paper he wrote in the sixties concerning the gold standard - in the paper he went into great detail on the mistakes made by the Fed in the 1920's...and here he goes and repeats them. it's not due to ignorance...he knows very well that an asset and credit bubble has formed and that the Fed is responsible for it, despite his protestations that bubbles are only obvious in hindsight. his recent speeches on the subject were imho attempts to extricate himself from the responsibility. currently it seems to me that the Fed is engaging in bubble management, as it is in fact too late to stop the moving train.
the potential long term consequences for the global economy are unfortunately dire and although i rarely agree with the IMF, the recent statements deploring the lunacy on Wall Street are right on the money.

regards,

hb
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