Courtesy of Zerohedge:
It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed’s bond-buying program fell short of its goals, and had a lot more to add.
Mr. Greenspan’s comments to the Council on Foreign Relations came as Fed officials were meeting in Washington, D.C., and expected to announce within hours an end to the bond purchases.
He said the bond-buying program was ultimately a mixed bag. He said that the purchases of Treasury and mortgage-backed securities did help lift asset prices and lower borrowing costs. But it didn’t do much for the real economy.
“Effective demand is dead in the water” and the effort to boost it via bond buying “has not worked,” said Mr. Greenspan. Boosting asset prices, however, has been “a terrific success.”
He observed that history shows central banks can only prick bubbles at great economic cost. “It’s only by bringing the economy down can you burst the bubble,” and that was a step he wasn’t willing to take while helming the Fed, he said.
The question of when officials should begin raising interest rates is “one of those questions I cannot answer,” Mr. Greenspan said.
He also said, “I don’t think it’s possible” for the Fed to end its easy-money policies in a trouble-free manner…. Continue reading
Posted in Fraud, History, Modern Slavery, Tyranny, US, US Economy, US Politics
- Tagged Bond buying, Buy gold, CFR, Federal Reserve, Greenspan, QE, Unwind
The first revolution will not be televised, that is the revolution of the mind and of consciousness. Courtesy of The Burning Platform :
“Five percent of the people think;
ten percent of the people think they think;
and the other eighty-five percent would rather die than think.”
– Thomas Edison
The kabuki theater that passes for governance in Washington D.C. reveals the profound level of ignorance shrouding this Empire of Debt in its prolonged death throes. Ignorance of facts; ignorance of math; ignorance of history; ignorance of reality; and ignorance of how ignorant we’ve become as a nation, have set us up for an epic fall. It’s almost as if we relish wallowing in our ignorance like a fat lazy sow in a mud hole. The lords of the manor are able to retain their power, control and huge ill-gotten riches because the government educated serfs are too ignorant to recognize the self-evident contradictions in the propaganda they are inundated with by state controlled media on a daily basis.
“Any formal attack on ignorance is bound to fail because the masses are always ready to defend their most precious possession – their ignorance.”
– Hendrik Willem van Loon
Posted in Feature Articles, Modern Slavery, Tyranny, UK, US, World
- Tagged Aldous Huxley, America, Bernanke, Bernard Baruch, Boomers, Conservatives, Debt ceiling, Democrats, Dwight D. Eisenhower, Education, Edward Snowden, End of an era, Gen X, Greenspan, Henry Hazlitt, iGadgets, Ignorance, Irving Fisher, Isaac Asimov, Jon Corzine, Keynes, knowledge, Krugman, liberals, Narcissism, National Debt, Neo-cons, Orwell, QE, Ray Bradbury, Republicans, Rubin, Samuel Adams, SNAP, SSDI, Steinbeck, tax code, technology, Thomas Edison, Trump, Unions, USA, Wall Street, War, warfare state