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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: 10K a day who wrote (87629)	10/12/2007 5:19:34 PM
From: orkrious	Read Replies (1) \| Respond to of 110194

From Russell tonight: ww2.dowtheoryletters.com I finished the Greenspan book. In closing I want to say a few words about past Fed chief Alan Greenspan. I firmly believe that history will see this little egotistical pip-squeak as one of the premier disasters in US history. In my opinion, Greenspan is the ultimate "Mr. Inflation." Greenspan almost single-handedly set the world on the high-liquidity, super-inflation path, all the while saying or thinking that the Fed was acting "as if" the dollar was backed by gold. What's so disgusting is that Greenspan traded all his earlier ideals for power and ego. Greenspan never did anything that required real courage. Greenspan was the total political animal. His legacy will decline as the years go by. The saddest thing is that Greenspn leaves poor new Fed Chief Bernanke in an untenable situation. In a US so dependent on high inflation and massive liquidity, Bernanke has no choince but to "inflate or die." In a normal situation, the US could take a recession and take the correction. Not now -- with the US depending so heavily on inflation and massive liquidity, any substantial contraction in the money supply would bring the US economy to its knees.