3 ms·

Everything I’ve read on the subject supports that Greenspan played a significant role in creating the crash of 2008 and unfortunately his disciples have been ru

• chiefalchemist 8y ago
  What have we learned? What has changed? The answer to both seems to be: not much.
  • wallace_f 8y ago
    I'm sure it can get much worse once the whole world's monetary fate is under the auspices of centralized monetary unions. Without the influence of competitive forces, the Fed will remain. When competitive forces necessitated 'survival of the fittest,' congress took over control of the money supply. This was demanded of the US government during the Civil War when there was an actual threat of: 'we will die if we don't act in the best interests of The Union.' Perhaps the only thing more exasperating than the Fed's transfer of wealth from money holders to the Wall St economy (and minimally, the US govt) is the weasly arguments used to justify it: "Creating 4 trillion dollars and helicoptering it to Wall St is fine because inflation didn't rise, so therefore the money was free thanks to our clever understanding of economics." In other words, due to magic, the Fed creates value out of thin air... Oh but they can only share it with Wall St because otherwise they will crash the US economy.