Fleckenstein just shredding Greenspan - not kind to Bernanke either. Discussing the dollar on King World News:
Everything started downhill when Greenspan took over the Fed .... Greenspan is a duplicitous egomaniac ... no ability to understand problem .. no remorse for what he has reaped ... a dispicable human being. Bernanke is just dumb. He doesn't understand that, yes the Fed was a problem in the Depression, but it wasn't what it didn't do in the '30s, rather what it did do in the '20s. He refuses to learn from history, but I don't think he is a bad guy in the same way I think Greenspan is dispicable.
kingworldnews.com
I happen to agree. I wouldn't say that Greenspan was dispicable - arrogant, ignorant yes. A weird duck - for sure. I don't understand our politicians. Bernanke came from Princeton, he therefore flatulates ambrosia - he is such an expert on the Depression. Congress doesn't understand economics or currency. This all seems to be some elitist, insider, Ivy League, circle jerk with no attempt at fundamental understanding. Keynes might simply be used as back justification for the temporary heroine high of money printing. What did Nixon say when confronted with the bills and economic ravages of Viet Nam ... 'We are all Keynesians now.'
BTW: I went to an Ivy League university. I am proud of the fact that I was accepted. I studied engineering so I probably wouldn't be considered Ivy League by the elites. Most of the engineering drop/flunk outs went and studied business/economics. I took the occasional econ course - liberal tripe. In engineering we learned that models of physical systems were tough, tough, tough. Economic systems are 100 orders of magnitude more difficult to formulate. There for they are BS-in, BS-out. Economists never stop to question their models. |
