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Pastimes : All Clowns Must Be Destroyed
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To: Lucretius who wrote (11192)2/19/2000 4:59:00 PM
From: pater tenebrarum  Read Replies (3) of 42523
 
Luc, Greenspans answer to the last question, "you can't manage what you can't define" is a scandal. he knows very well what's what and that the FOMC's reserve additions have fueled money supply growth and the bubble.
he said it himself in his essay about the gold standard when he touched upon the actions of the '20's Fed. his words:

"The excess credit which the Fed pumped into the economy spilled over into the stock market-triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. "

this goes to show that he has long ago thrown his principles out of the window. devotion to sound money? what a joke.

imagine Ron Paul confronting him with his own words....that would have been even better and might have spooked people even more. anyway, to find out that the Fed's main job, the managing of the money supply, actually can't be done according to bubble boy due to a lack of definitions for money, is rather disconcerting all by itself.
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