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
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
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.