EVEN ALAN GREENSPAN IS CHALLENGING THE RATIONALE FOR THE FED
April 2, 2013 By This article at The Daily Bell is worth pondering
closely and carefully, for it might be indicative of further fissures
and faultlines within the international banksters’ globaloney
“community”, or it might be indicative of what they’re really up to
(we’ll get to that after the article), or it might be indicative, in
that quintessential Hegelian way, of both. There are, in fact, two sentences in particular in this article, that incline me to think it is both. First, the article:
Greenspan Discusses the End of the Fed … What Comes Next?
I have to admit, there are a number of statements in this article that left me…well, puzzled would be a polite way to put it. In the pre-War Between the States era, one of the things that was rampant was virtually every bank was printing its own banknotes and circulating them (even the Mormons did it for a while, but that’s a whole other – and somewhat murky – story). It may have been a Libertarian paradise of currency competition, but it was “local currency” with a vengeance, and the result was self-evident: there were a lot more banknotes in circulation than there was bullion to back them up.
But I digress.
The first phrase that stuck out like a sore thumb in the article, was contained in this quotation of Alan Greenspan, and I emphasize it:
Lest we think that he is advocating a return to the colonial system of debt-free scrip, what I believe he is advocating – subtly to be sure – is a nationalization of the Fed, or, to put it somewhat differently and on the flip side of the same coin, a complete corporatization of the government, which means the debt principle will remain in place, and on steroids.
I thus agree with these observations and conclusions of The Daily Bell:
Like it or not, the era of the Rockefailures and Rottenchilds is over, though, we all know, they won’t and don’t see it that way, and will do everything in their fast eroding power to hang on…
Greenspan Discusses the End of the Fed … What Comes Next?
I have to admit, there are a number of statements in this article that left me…well, puzzled would be a polite way to put it. In the pre-War Between the States era, one of the things that was rampant was virtually every bank was printing its own banknotes and circulating them (even the Mormons did it for a while, but that’s a whole other – and somewhat murky – story). It may have been a Libertarian paradise of currency competition, but it was “local currency” with a vengeance, and the result was self-evident: there were a lot more banknotes in circulation than there was bullion to back them up.
But I digress.
The first phrase that stuck out like a sore thumb in the article, was contained in this quotation of Alan Greenspan, and I emphasize it:
“We have at this particular stage a fiat money which is essentially money printed by a government and it’s usually a central bank which is authorized to do so. Some mechanism has got to be in place that restricts the amount of money which is produced, either a gold standard or a currency board, because unless you do that all of history suggest that inflation will take hold with very deleterious effects on economic activity… There are numbers of us, myself included, who strongly believe that we did very well in the 1870 to 1914 period with an international gold standard.”Now, reading between the lines a bit, what we have now is a currency board, and it’s called the Federal Reserve, so what Greenspan really appears to be saying is that he wants the government to have a currency board.
Lest we think that he is advocating a return to the colonial system of debt-free scrip, what I believe he is advocating – subtly to be sure – is a nationalization of the Fed, or, to put it somewhat differently and on the flip side of the same coin, a complete corporatization of the government, which means the debt principle will remain in place, and on steroids.
I thus agree with these observations and conclusions of The Daily Bell:
“This means, like Sisyphus climbing up the mountain with a rock on his back over and over, the Fed is doomed to buy US debt at zero percent for an unforeseeable – infinite – amount of time. This is, of course, an insupportable scenario. And thus, we’ve pointed out that the dollar reserve system basically died in 2007-2008 – and later on, Alan Greenspan apparently said something similar himself!But as we saw in the article about NASA and warp drive, the energy and transport system may change wildly beyond any bankster’s ability to keep pace… the times are changing, and the ability of central authority to manage it all is increasingly the problem. It never did, never could, and the current financial mess is the testimony of that fact.
“The system, it seems, eventually MUST collapse. There will be no war, no devaluation, no bailout that will likely save the dollar reserve system. Instead there will be … a change.
“The wise men running central banking are probably as aware of the problems with the dollar economy as anyone else; in fact, more so. They’ve even apparently started a faux movement to nationalize central banking so as to keep control via the political system directly (see yesterday’s article on this topic) but even this movement is probably bound to fail.
“Another possibility that is obviously being considered is the creation of a global paper currency via the IMF‘s SDRs. And finally, the powers that be are probably, reluctantly, considering a state-managed gold standard. Greenspan is apparently going to be a spokesman for this view.”
Like it or not, the era of the Rockefailures and Rottenchilds is over, though, we all know, they won’t and don’t see it that way, and will do everything in their fast eroding power to hang on…
Read more: EVEN ALAN GREENSPAN IS CHALLENGING THE RATIONALE FOR THE FED
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