The “Global Savings Glut” Sham

Steve Hanke takes a look at the evidence and concludes that Alan Greenspan is simply b*llsh*tt*ng the public when he directs attention to a “global savings glut” and claims that the Federal Reserve has no responsibility for the current boom and bust cycle.  Quotable:

What is a bubble? There are many types. One type is . . . → Read More: The “Global Savings Glut” Sham

Greenspan’s Fatal Conceit — UPDATED

UPDATED — I took this story from Paul Krugman, and then was pulled away from the computer just as I was working to re-check the context of the quotation.  Turns out, Greenspan was quoted out of context and the story is essentially bogus.  The moral of the story is check everything for yourself — and . . . → Read More: Greenspan’s Fatal Conceit — UPDATED

bust: The Man Who Called The Crash Confronted Greenspan Man-to-Man in 2003

One of the men who called the artificial boom and inevitable bust — Bank of International Settlements chief economist William White  — confronted Fed chairman Alan Greeenspan personally at the annual meeting of the Kansas City Fed in August of 2003.  Greenspan rebuffed White’s policy arguments.  The rest is history.

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Random Quote

We have progressively abandoned that freedom in economic affairs without which personal and political freedom has never existed in the past. — F. A. Hayek

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