In comments by Alan Greenspan in today's Wall Street Journal.
| “Our policy focus must therefore err significantly on the side of restraint.” “The federal government is currently saddled with commitments for the next three decades that it will be unable to meet in real terms,” Greenspan said. The “very severity of the pending crisis and growing analogies to Greece set the stage for a serious response.” |
Greenspan is "off the charts" out of paradigm. He must really think we're on a gold standard. This will solidify aggressive efforts to rein in spending and debt. Depression coming!
What is interesting is that I've long thought Greenspan was a little goofy. Now that I'm looking at things from an MMT point of view, I have the same feeling but for different reasons.
ReplyDeleteHe's off the charts loony!!!
ReplyDelete"Mr Magoo" is working for PIMCO now. 'gotta conform/become sychophantic now..
ReplyDeleteWhat is he talking about "real terms" for the next 3 decades? All of our govts committments are 'financial'. the govt can simply meet these financial committments by crediting bank accounts.
He's losing it. (If he ever had it!)
Do We Need Change?
ReplyDeleteThe most intelligent living being on planet Earth has invented self-destruction as a way of life through the monetary system whose product consists only of mathematical formula: The debt can only grow, it can never be repaid.
After years of ignorance, here we are now, all in the same little boat made of promises, beaten by an angry sea of losses with furious waves of bankruptcies.
Is it time for start again from a different perspective?
Local currency, complementary currency, alternative currency... ever heard of them?