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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 368.29+0.6%Nov 7 4:00 PM EST
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To: THE ANT who wrote (100193)4/20/2013 8:25:25 PM
From: THE ANT2 Recommendations  Read Replies (2) of 217593
 
In case people did not read the comments to Michael Petis post.It applies to China and the US

GlenApril 11, 2013 at 22:52


From William Trufant Foster, which I believe sums up the current situation (globally) ……..

“It is utterly impossible, as this country has demonstrated again and again, for the rich to save as much as they have been trying to save, and save anything that is worth saving. They can save idle factories and useless railroad coaches; they can save empty office buildings and closed banks; they can save paper evidences of foreign loans; but as a class they can not save anything that is worth saving, above and beyond the amount that is made profitable by the increase of consumer buying. It is for the interests of the well to do — to protect them from the results of their own folly — that we should take from them a sufficient amount of their surplus to enable consumers to consume and business to operate at a profit. [Eccles: "I am speaking of business during normal times."] This is not ‘soaking the rich’; it is saving the rich. Incidentally, it is the only way to assure them the serenity and security which they do not have at the present moment.”
———

Quoted from Marriner Eccles testimony to the Senate Finance Committee in 1933. BTW Michael, So much of Eccles testimony echos what you have said, here and in your book and his testimony landed him the job as Chairman of the Federal Reserve.
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