Alan Greenspan & ABC Challenge
Here is the blog of the ABC reporter who interviewed Greenspan: blogs.abcnews.com …also check me out on www.facebook.com and twitter.com
Categories: Commodities Tags: Alan, Challenge, Greenspan
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you gotta give Peter credit for calling it like he sees it. Hard to believe that Greenspan could have veered so far the gold standard beliefs he once espoused.
@inkjetlabel Alan Greenspan, Ex Chairman of the Fed. is a member of the Council on Foreign Relations , is a member of the Trilateral Commission and knows 33rd degree Freemason secret is the 1899 Alaska Earthquake – British Association record No. 333, at Shide. Isle of Wight on September 3 at three o’ three.
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(Part 5)
“… series of bank failures. The world economies plunged into the Great Depression of the 1930′s.”
I’d would love to see anyone ask Greenspan about his actions in relation to this article and what his answer would be. He won’t be able to hide behind that stupid “It was Capitalism’s fault!” defence that he’s always using.
(Part 4)
“…the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. Great Britain fared even worse, and rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and inducing a world-wide…”
(Part 3)
“…this would act to stop Britain’s gold loss and avoid the political embarrassment of having to raise interest rates.
The “Fed” succeeded; it stopped the gold loss, but it nearly destroyed the economies of the world in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market — triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking…”
(Part 2)
“More disastrous, however, was the Federal Reserve’s attempt to assist Great Britain who had been losing gold to us because the Bank of England refused to allow interest rates to rise when market forces dictated (it was politically unpalatable). The reasoning of the authorities involved was as follows: if the Federal Reserve pumped excessive paper reserves into American banks, interest rates in the United States would fall to a level comparable with those in Great Britain;…”
(Part 1)
Greenspan knew what the consequence of his action would lead from the beginning. In 1966, he wrote an article called “Gold and Economic Freedom” which was included in Ayn Rand’s “Capitalism: the Unknown Ideal”. The following outlines one of the main causes of the stockmarket crash of 1929:
“When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage.”
scary thing is Geitner was in Downing St last wk.
You guys in America are soo lucky to have Peter schiff here in the uk we have no one like him . Peter schiff for prime minister ,,,,
Greenspan and the fed res banks are responsible and orchestrating the demise of the world economies. After all as we borrow more money from them–they simply secure it with our future labors, taxes, and properties. GoldSilverAndCash I choose Silver.
STOP paying your debt, (we) the people do have the power: just stop paying (and playing their game). It would be interesting to see who’s got who by the balls, it’s all just a rigged little poker game,…isn’t it?
Ha ha this is great. It’s good to see that there are a lot of people out there who don’t blindly follow Keynesian economics like a bunch of blindfolded ants.
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Austrian economics is where it’s at. Anybody willing to repudiate that, read a book about Austrian economics. “Economics In One Lesson” by Henry Hazlitt is the best one available.
@Lerakon2 – Did I say I was defending breaking the law or ripping people off? It’s ludicrous to me that you extrapolate that from my statement.
@Lerakon2 – The govt. is what’s destroying jobs in America. Why do you think all these companies are moving overseas? It’s cheaper and easier to do it there than here. And are the companies going to these countries forcing people to take jobs at low wages? Or are the people taking the job by choice? Would it be better that they have a job with low pay or no job at all? I think you’re taking a lot of things for granted.
@Lerakon2 – So if they just believed in their job or did it correctly it, then the regulations would have worked? Nonsense. The problem was that the regulations themselves were bad. Everybody knew banks were making these loans and from Clinton, to Bush, Greenspan, Barney Frank, etc. and encouraged it. The free market doesn’t bail banks out, the free market doesn’t insure banks that make loans with a 3% down payment. The govt. does! Why do you think all these banks failed?
cont… also look at how the “Free market” has destroyed jobs in America. The less the government interferes (with tariffs, subsidies etc), the more jobs get shipped over to other countries that pay their workers didley squat. The “Free Market” favors countries with bad human rights records and extremely low wages for people in lower-tier jobs, i.e. manufacturing plant workers etc.
@DSBac So you’re defending breaking the law and ripping off the rest of the nation because you’re being consistant about it? That sounds pretty ludicrous to me.
@DSBac The problem was that the government at the time put people who did not believe in regulation or were incompetent into the job as regulators. They didn’t do their job correctly.
I don’t really care about Greenspan but the glory of the Free Market is a myth. The banks made those loans because of the failure of regulation, not because of the interest rate. The interest rate just made it more lucrative but it is not the real cause of the problem.
@Lerakon2 – Well, whether Irwin Schiff is a fraud or not doesn’t change whether or not Greenspan is a fraud. At least Irwin Schiff isn’t pretending to believe something and then act contrary to that belief. Right or wrong he apparently was pretty consistent with his belief. Greenspan, on the other hand, masquerades as a free market proponent, but his actions reveal something altogether different.
Also, many Americans hate the income tax – with or without Irwin Schiff.
@Lerakon2 …contd…The Bush administration DOES bear some blame, but not due to a lack of regulation – it was government regulation and their stamp of approval on the non-sense that created the monster. But this is a very brief summary. You should check out Schiff’s “Mortgage Bankers speech” which is like an hour long – but he lays it out in good detail – what would happen before it happened. It’s in his Favorites section, I think.
@Lerakon2 – The low rates (created by the Fed – NOT the free market) made it possible for banks to lure people into sub-prime loans, like ARMS, etc. Rates finally did go up, and people couldn’t afford to pay these loans. They defaulted and banks started to fail. These interest rates/loans would not have existed under true free market conditions… (contd.)
Also I’m not sure Peter should be calling people frauds so casually, his father was a notorious tax fraudster himself, which is probably part of the reason why he hates the income tax so much.
Could someone explain to me how low interest rates caused the banks to hand out loans to people who couldn’t pay them? That, as far as I’ve been told, is the primary reason for the collapse. It seems to me like the lack of regulation, which the Bush administration bears responsibility for, caused the crash, rather than low interest rates.
ABC News called Peter Schiff and Celente pessimistic porn.