One of my enjoyments is bashing Greenspan ....
Here's one, it's fun to read :
"What if Alan Greenspan came on television and said,
I admit for quite some time I have been deceptive, for your own sakes and to avoid a panic that may be unnecessary.
We have worked with foreign governments and central banks for several years now to support the dollar and our domestic debt markets with large inflows of money from overseas. Without this support it is likely that the dollar would be significantly weaker than it is now, the US would be in a deep recession, perhaps a Depression with a signficant fall in aggregate demand accompanied by high interest rates and very high price increases in key staples such as energy, food, and almost all imported products.
We have tried to forestall this as we have said, by working with the G8 and other interested parties, notably China, to continue to support our ability to borrow beyond our sustainable levels in a free market.
We regret that this has only served to forestall the inevitable. The US government is functionally bankrupt, and the value of the dollars and US government instruments, your savings, are overvalued by roughly fifty percent now, and it may get significantly worse before it gets better.
It will get better. Eventually the US economy will improve. We have tried to spare you all this, we have tried to prevent panic by suppressing the price of gold, artificially controlling the long end of the interest rate curve, while inflating our monetary supply to cushion the effects of the Asian monetary collapse in the mid 1990's, preventing a "domino effect" of the collapse of the banking system as we know it.
So, effective today, the US dollar will be devalued by 50 percent....."
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