So that's the sordid story of Mr. Greenspan's involvement in our (and the world's) current mess. To make matters worse, he is still trying to stop the dollar's decline in the interests of the rich, and has apparently persuaded even Mr.Geithner, the Treasury secretary, to take up the call. By citing the danger to long-term interest rates caused by recent money-supply expansion by Mr.Geithner, he is again promoting the same actions that caused our current crisis. Ratchet up interest rates once again in an economy in recession? Can't he be content with having caused the worst financial crisis in 80 years? Does he want to repeat his generous gift to the rich with little regard that it will further impede an escape from the current mess?
An associated situation jeopardizing the future success of the country is one involving the establishment media in the U.S. They have not only never called him on these screwups but now, even after he has publicly confessed some complicity, are again soliciting his economic advice. Don't those media types listen to the news? Didn't they hear him confess? Paul Krugman, arguably the finest economist alive today, has strongly criticized his actions and pointed out his responsibility in this crisis. What more do these pampered and overpaid media types need to get it straight? The answer to this puzzle is that the rich have taken control of the media (as well as the Congress, the courts and the FED.)
The media pretend that only a few select "gurus" have valid opinions (and these gurus consist almost unanimously of lackeys of the political elite.) So the establishment media continue to solicit their opinions and pretend that they have any credibility.
Amazingly, no one, not even our beloved congressional representatives, has contested the notion that the chairman of the FED should be a conservative, preferably a Republican. Mr. Greenspan, in his book "The Age of Turbulence" makes no bones about his allegiance to the Republican Party and its programs. He was an ardent supporter of Ayn Rand and her advocation of selfishness, which goes well with Republican "virtues." Does anyone really want someone devoted to his own selfish interests, over and above that of anyone else, to make decisions affecting the well-being of all the citizens of the entire world?
What is badly needed is a change in the role of the FED as well as in the choice of its directors. What are needed are public spirited individuals (what a novel idea), perhaps chosen by ballot, who will be subjected to public scrutiny and control (no, not that type of insulting act that Mr. Greenspan put on for Congress's sake but a real grilling).
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