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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (26793)2/20/2005 6:11:53 PM
From: Elroy Jetson  Read Replies (2) of 110194
 
I'm sure no one has forgotten the concern Greenspan expressed when the government stopped running deficits under Clinton. Greenspan warned of the problems this would cause by shrinking the pool of available Federal Debt.

Without the creation of new Federal debt, the Monetarist system begins to fall apart. It would become necessary for the Fed to issue debt itself both to facilitate controlling the money supply and to maintain the money supply at current levels. If the Feds started paying off their debt, Greenspan would have to issue Federal Reserve Debt nearly dollar for dollar as the Fed debt was called in for payment.

The public wrongly blames the financial irresponsibility caused by Monetarism on "the government". The Fed and the Monetarist system answer to the banks, not the government.

<Illustrates Greenspan, and other plutocrats bogus argument that Federal deficit spending is the main problem. It's consumer and housing that is the problem.>

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