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"Down the Memory Hole," Alan Greenspan Style
By Stephen Lendman (about the author) Page 3 of 3 page(s)
-- leave human despair in its wake.
It's no accident that they crushed world economies to enrich the Money Trust, wrecked lives and impoverished millions, and the scheme remains very much ongoing. Yet Greenspan remains unapologetic, indeed smug in his Journal op-ed.
He deflected blame on "global forces beyond the control of domestic monetary policy makers" while claiming that "Global market competition and integration in goods, services and finance have brought unprecedented gains in material well-being." For whom he wouldn't say. He didn't have to, just look at the winners and losers.
Then explain it to the victims, the millions of Americans losing homes, jobs, pensions, savings and futures, the growing numbers with inadequate safety net protection for emergencies. Explain the greatest ever economic collapse, not an accident but willfully engineered, the lack of regulatory restraints that allowed it, and the devastating toll from its fallout.
Tell those affected how "the appropriate policy response is not to bridle financial intermediation with heavy regulation" but free it save for minor reforms too little to matter and simple to remove once the heat's off. Justify the "ret(ention of) a dynamic world economy capable of producing prosperity and future sustainable growth" based on business as usual policies - ones you describe as not "rely(ing) on governments to intermediate saving and investment flows" but freeing capital to grow more of it to enrich the few at the expense of the rest.
Justify the global economic collapse, the billions harmed, the human misery, and the fear that's it's just beginning. Explain how that jibes with democratic freedoms, equal opportunity, and the best of all possible worlds. At age 83 as a prominent figure, a well-paid private advisor and speaker, historical revisionism is how, and let the devil take the hindmost.
Stephen Lendman is a Research Associate of the Centre for Research on Globalization. He lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.
Also visit his blog site at sjlendman.blogspot.com and listen to The Global Research News Hour on RepublicBroadcasting.org Monday - Friday at 10AM US Central time for cutting-edge discussions with distinguished guests on world and national issues. All programs are archived for easy listening.
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