Just days before “markets” approved further interest rate reductions by the private Federal Reserve, an MSNBC newscast largely blamed Alan Greenspan for the present credit crisis. The report blames Mr. Greenspan 1) for his support of deregulation; and 2) for suppressing interest rates for too long.
As chairman of this privatized system of exploitation, Mr. Greenspan’s direction of the exploitation certainly may be guilty of leading us into a terminal failure — but if, and only if, within practical bounds, we can prove that the privatized system of multiplying exploitation is in fact sustainable.
For what then is he really guilty?
If it can truly be said that he is guilty for supporting deregulation, it must be demonstrable that the abandoned forms of regulation would have averted the present crisis.
But the very nature of the imposed currency inherently and irreversibly multiplies debt in proportion to the obligated circulation, because the irregularities of the currency force us to maintain a vital circulation by re-borrowing principal and interest as subsequent sums of debt. This of course perpetually increases the sum of debt so much as periodic interest, until the costs of servicing the ever escalating sum of debt are terminal.
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no form of regulation short of rectifying the nature of the currency would avert the present crisis; and,
if any form of regulation would have forestalled the present crisis, that regulation would have to exercise the lower rates of interest for which Mr. Greenspan is said to be guilty, for only lower rates of interest moderate the rate at which debt is multiplied into terminal debt.
He cannot be guilty either then for suppressing interest rates, because lower interest rates extend the maximum possible lifespan of any purported “economy” subject to interest.
Thus in why he did not defend himself with these arguments rests the facts of guilt, for the whole while of chairing a process which can only faster or slower multiply debt into terminal debt, the only thing for a board of “directors” to see is that they are generating ever more terminal, insoluble sums of debt. Moreover, they have nowhere but interest to look for the cause of that multiplication, because interest is the only process attached to a currency which has obviously been imposed for this purpose.
So they know this: they know that so long as the interest they intend to impose upon us perpetually multiplies profit as it is intended, debt will multiply in proportion to the obligated circulation, for this ever escalating sum of debt is the very means by which they intend to take ever escalating unearned profit.
Why then did Greenspan pretend to take blame, when, unless the so called “Federal” “Reserve” eradicated interest, then no matter how fast or more moderately Greenspan (or anyone before or since) multiplied debt, our present, terminal circumstances nonetheless were inevitable?
Shame on you, for not knowing the answer to that question:
The whole purpose of the system is multiplying exploitation by the vehicle of “interest” — even if any rate of interest inherently and inevitably generates terminal sums of debt.
What Greenspan and the MSNBC talking heads are altogether to blame for then, is placing the blame in a false place, so that you might not perceive the terminal nature of their system.
Mr. Greenspan, if you remember, could not hold interest rates above the points he did, for his suppression of the rates all that while was to extend the lifespan of the pretended economy.