Monday, June 27, 2016

Zero Hedge — Greenspan Warns A Crisis Is Imminent, Urges A Return To The Gold Standard


This is not a joke. He really means it.

If the world listened to his advice, it would result in a Great Great Depression. aka the grandmother of all depressions.

14 comments:

Six said...

Greenspan's comments are incoherent and rambling ... We need more people to do less and less, but we don't have enough for more people? He's lost the plot (he never really had it).

Roger Erickson said...

Yes, but someone paid him to say right up front that the entirety of our problems are because of growing entitlements, which he say we "cannot afford"
http://www.cnbc.com/2016/06/24/alan-greenspan-says-british-break-from-eu-is-just-the-tip-of-the-iceberg.html


This is pure evil genius. These people have no shame, no conscience, and no brains. They'll keep applying the leeches to their own social aggregate until their own golden goose is killed.

We're back to 1929. We have to save these people from themselves, in order to save ourselves.


Roger Erickson said...

This interview on Bloomberg is where Greenspan touts a return to the "golden age" of the gold std, from 1870-1913.

http://www.bloomberg.com/news/videos/2016-06-27/alan-greenspan-on-brexit-u-s-economy-and-inflation

[The crisis of 1907 was peak gold?]

Makes you want to tear your hair out, realizing we made this imbecile Fed Chairman for 30 years.

Ignacio said...

Can't this guy just die already? Along with Soros and all the other dinosaurs who have destroyed economy and society.

They have done enough damage.

Matt Franko said...

Only the good die young.

Matthew Franko said...

Hey I have an idea.... lets pull out that quote from Greenspan on social security like the MMT elites do all the time to give him even more credibility!

Maybe they can get Greenspan in like James Grant to their next big conference to present....

Greg said...

Interesting too that he cites Margaret Thatcher....using STATE OWNED coal mines and the massive coal surpluses they were able to engineer, as THE beacon of economic sanity during the beginning of his tenure.

So he is basically saying it was good for Thatcher to dump the striking miners and of course the only way it could work is for Thatcher to control the coal output prior to the dumping..... how exactly could such a behemoth like a "state" be so productive and produce such a surplus....... the mind boggles.

Do you think any privately owned coal mine could accumulate that much unsold product in anticipation of using it later to offset the output when the miners were fired? Only with state support.

Broll The American said...

Isn't this the same guy who famously told Paul Ryan that funding entitlements wasn't a problem, but rather making sure their were enough goods and services available to purchase with those dollars? So to follow this current statement by him to its logical conclusion would have to believe that the world is incapable of expanding productive growth. This is something I cannot accept given the plethora of unused labor and an abundance of resources.
He's either fully senile or comic-book evil... or both.

Roger Erickson said...

My sentiments exactly, Broll.

Matthew Franko said...

Then we should never cite this unqualified clarinet player under ANY circumstances....

Bob said...

I didn't know he played the clarinet. What a waste.

Six said...

In reality, his two positions only have one word of difference:

"The US Treasury is capable of paying any bill of any size at any time"

vs.

"The US Treasury is not capable of paying any bill of any size at any time"

I'm paraphrasing, of course.

netbacker said...

Or as Stephnie Kelton pointed out on Twitter, he was under oath then.

netbacker said...

Depends on if he is under oath when he said those. That matters :)