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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (77715)	4/15/2008 9:26:11 AM
From: Crimson Ghost	Respond to of 116555

Bernanke must go! market-ticker.denninger.net

To: Moominoid who wrote (77715)	4/15/2008 2:55:50 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 116555

The difference is the Reserve Bank of Australia is an actual central bank which has been stomping on the Australian real estate bubble since it first appeared. Ian MacFarlane and his successor Glenn Stevens have not been encumbered with Greenspan's delusional visions of "free money" markets being self-regulating. Of course free unrestrained credit creation markets are self-regulating after a fashion - that's what an economic depression is after all. Everyone knows, or should know, the words of former Fed Chair William McChesney Martin that, "The role of the central bank is to take away the punch bowl just as the party gets going." Alan Greenspan urged bankers to invent their own punch bowls and keep partying long after the police arrived and the party has degenerated into a series of murders! This was as delusional as Ronald Reagan deregulating Savings & Loans resulting in a $1.2 trillion mess to be paid for by taxpayers. Banks don't need a Reagan to get the government off their back - banks need to be regularly audited and forced to live within a tightly bound cage. Without these long revered constraints they bring down the whole of society. Some learn from history, but the fool needs to rediscover everything first-hand. .