Greenspan Shocked, Shocked, Shocked by Banksters Thievery

Alan Greenspan is shocked that the banksters (bank gangsters) didn't protect shareholder equity. Either the former FED Chairman is naive or disingenous. I wonder if he is even more shocked that the banksters, having lost their ill-gotten loot from shareholders, and holding a fistful of IOUs from worthless mortgages and mortgage backed securities and other instruments, are now picking the pockets of the taxpayer through the bailout? Looks like the Godfather of the central banking gang has been found out. His counterfeit Federal Reserve Notes, artificially low interest rates, and bubbles have all gone bust. The people are catching on. They are beginning to realize the truth - that the Austrian Economists were right. Government monetary policy is the cause of bubbles (Internet, Housing and otherwise), sends false signals to business and results in malinvestment. Government intervention to fix the messes it created only makes things worse. The bailout will only make things worse by extending the time it takes for the economy to unwind the government created housing bubble. What is truly shocking is that Greenspan should know better.  After all, Greenspan authored Gold and Economic Freedom, where he wrote:

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.

Too bad the Maestro Greenspan didn't learn a lesson from himself.

Keywords: FED, Federal Reserve, credit, interest rates, housing bubble, financial crisis, shocked, reform, tsunami, risk, shareholder equity, disbelief, unemployment, layoffs



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