a paragraph of an upcoming piece, re Greenspasm:
I cite his attacks of several sacred cows
e.g. federal budgets and spending, Sochacurity, Medicare, Fanny Mae, etc
but I close with a few jabs of Mr Magoo, aka Barney Fife
/ jim
Chairman Greenspan has chosen to avoid his pet topics, wherein he engages in a massive disconnect with reality and sound analysis. I refer to productivity, capacity utilization, price inflation, and technology. He completely misses the detrimental signals of high productivity, misinterprets unused (obsolete) mfg plant, cannot identify price inflation, misjudges the painful effects of harnessed technology, and cannot detect the slow bleed of capital, jobs, and debt brought on by globalization. These will be topics of future newsletters. Greenspan has degraded into a poor student of international economics and central banking. He has been the focal point of a tragic attempt to re-invent the field of economics, with the US Economy its rat laboratory. He clearly represents the Ruling Elite in New York City. Trust in the Fed is on the wane. Experienced traders note its wrong forecast on jobs, and now point with suspicion to claims of low inflation. They are beginning to sense deep structural problems, indications of a destructive pathogenesis. Of our myopic, unaccountable, and unelected financial leader, it should be said: “but for the subtleties, he has no wisdom.” |
