In the old brute days, a man fought for the right to breed…or even to exist. The modern article connives instead — and as a conniver there has never lived a finer specimen than Alan Greenspan.
A true snake! I remember your interview with Greenspan. I also remember that he was a disciple of Ayn Rand......man did he switch sides quickly. I am sure his personal financial status was in great shape long before he left the FED. It would be good if everyone understood that the FED DOES NOT work for we the people. It works for the TOP FIVE BANKS in the country. What a real snake pit.
I remember watching Greenspan on the Louis Rukeyser show as a guest commentator speaking about the virtues of sound money, gold specifically. It was really my first exposure to that idea. Then when he was appointed Fed chair I thought this was it, finally something to build a strong monetary foundation on. Then his reign of destruction began. After he was done as chair, I saw him speak once again about the virtues of sound money. I’ve wondered about him after that talk. What does a man feel about himself after going against everything you believed in? RIP
If Alan had called the wolf in sheep's clothing back then, a wolf, we might've been in a lot stronger position today. But obviously he wasn't put there to build strength but to outlast reality. Political reality is one hell of a stretch from reality.
Great article Bill. Greenspan facilitated the bankruptcy of the developed world. He helped enrich the older generations (not their choosing) at the expense of arguably Gen X and definitely Millennials and Gen Z who have been royally shafted in a generational equivalent of the Cantillon effect.
Wouldn't it be better to say he helped enrich the connected crowd of the older generations? He certainly didn't help the members of the older generations who believed in working hard and saving money for those rainy days.
You are right Cartero that the elite benefited the most and I tried to qualify my point that the vast majority of the older generations were not complicit in this . However they did, I’m generalising now so please forgive me, benefit from more affordable housing, stronger stock market returns, lower college fees and greater benefits than the younger generations are & will enjoy.
So,... is America just a figment of our imaginations? It appears from the start of Greenspan's reign that most likely all Fed Governors since Alan were required to present a formidable image of strength while undermining the foundation of the US. So what happens now? This one essay makes obvious the importance of this illusion. So here is another superb illusion: AI presents another hope, a "solution" to the problem of too much credit. A series of chips, memory that can find miracles that the human mind hasn't so far found. I contend this "solution" is less understandable than Alan's mumbling of economically imperceptible jargon or for that matter it is unquestionably less understandable than economics. There are just too many permutations and transformations for the human mind to make sense of. But it seems like the human mind, it "talks" and explains. It does things 99% of humans can't do, like statistics, another important factor. No one knows what it is doing BUT it's final presentation it makes sense. What an absolutely perfect "solution" the human problem of wanting more than is possible. Geez, I wish I had thought of it myself. But what happens if this "solution" runs into a physical problem that is obvious to even the least astute "scientist" such as insufficient electricity to run the damn thing?
“For here was a fellow who ‘wrote the book’ on how counterfeit money picks the pocket of the honest.”
I watched “A Man For all Seasons” last night. Thomas Moore, one man above the crowd. Greenspan was part of the crowd; you will not find him on the road least traveled. He is dead. What are his achievements worth?
What sticks in my mind is Bill’s comments about Baby Boomers having too much money, having survived Greenspan by taking the only opportunity available, 401k.
Mr. Redstone - while I have to agree with your sentiments regarding Mr Bonner’s views on Israel, I must also say that his article here is the first truthful assessment of Alan Greenspan that I’ve seen. Mr. Bonner’s analysis is spot on, and it is not because Greenspan is Jewish; it is because of Greenspan’s actions as Fed Chairman. I also agree with Mr. Bonner’s declaration that Greenspan spoke in gobbledegook to confuse the public. I always felt the same way.
Kudos to Bill Bonner for speaking the truth. I wish more people would come out in public to reveal the consequences of Greenspan’s actions.
He’s certainly has his points about Greenspan but you could say that about any government official.. he shows great delight in showing his anti-semitism
Well Bill, you got this one right, mostly. What you could have added was this is true (with the possible exception of Volker) for every Fed Chairman, Liberal or conservative. For the liberal ones it fit into their belief system, for the conservative ones who knew better (I include Greenspan), they were afraid of what might happen if they simply let the business cycle run its course.
I leave you with this question Bill, if magically you were put in charge of the Fed, what would you do? Specifically steps? Right here, right now. With your reputation on the line?
Why would Bill do that? There is nothing any of us can do to "right this wrong" - no more than we can make the Strait of Hormuz open. Money is Power and Power corrupts. It is the human trait - those in power are corrupt. So why do us peons think it shouldn't be that way? Are we that stupid? People want to get rich, want to have a great life - who cares about us minions? And, the propaganda is to keep us from rising up and cutting off their heads. Now with AI and all the technology - those in power will have the means to cull those of us that may starting to revolve. Life is going to be a whole lot less "free" and we see that everywhere - just look at "free speech" - is there "free" speech anymore. If you think so - and it is getting worse - you need to wake up and smell the coffee. If you are not one of the elites, you are losing your freedoms. But, the elites - they live in a whole another world. With money comes POWER and with power you are above the law.
There are those who say and/or believe the Strait is open, but when you look at Marine Traffice there are huge concentrations of tankers off Dubai to the West and Oman to the East with barely a couple transiting, tucked in against the south shore.
the adverse argument would be the "Bonner put"-gold which we the people have enjoyed the recent ride free of Fed interference.
what is interesting the lesson he left was that the public paid for his mistakes but Wall street went on to live the put again & again and at the moment some stocks are priced based on future earnings for which the market cannot substantiate. that is one lesson that was not in my books.
Your point of view differ for almost all i read so far, remember when you write an article that you also have subscribers from parts of the world where english isn’t their first language
Well said, Bill. The Greenspan put turned out to be a put on all our futures.
A true snake! I remember your interview with Greenspan. I also remember that he was a disciple of Ayn Rand......man did he switch sides quickly. I am sure his personal financial status was in great shape long before he left the FED. It would be good if everyone understood that the FED DOES NOT work for we the people. It works for the TOP FIVE BANKS in the country. What a real snake pit.
Jim Marshall
Excellent point. Most people forget this fact.
now 'the fed' works for the greatest criminal syndicate/mafia ever created by human kind!
I remember watching Greenspan on the Louis Rukeyser show as a guest commentator speaking about the virtues of sound money, gold specifically. It was really my first exposure to that idea. Then when he was appointed Fed chair I thought this was it, finally something to build a strong monetary foundation on. Then his reign of destruction began. After he was done as chair, I saw him speak once again about the virtues of sound money. I’ve wondered about him after that talk. What does a man feel about himself after going against everything you believed in? RIP
If Alan had called the wolf in sheep's clothing back then, a wolf, we might've been in a lot stronger position today. But obviously he wasn't put there to build strength but to outlast reality. Political reality is one hell of a stretch from reality.
Great article Bill. Greenspan facilitated the bankruptcy of the developed world. He helped enrich the older generations (not their choosing) at the expense of arguably Gen X and definitely Millennials and Gen Z who have been royally shafted in a generational equivalent of the Cantillon effect.
Wouldn't it be better to say he helped enrich the connected crowd of the older generations? He certainly didn't help the members of the older generations who believed in working hard and saving money for those rainy days.
You are right Cartero that the elite benefited the most and I tried to qualify my point that the vast majority of the older generations were not complicit in this . However they did, I’m generalising now so please forgive me, benefit from more affordable housing, stronger stock market returns, lower college fees and greater benefits than the younger generations are & will enjoy.
A-MEN!
So,... is America just a figment of our imaginations? It appears from the start of Greenspan's reign that most likely all Fed Governors since Alan were required to present a formidable image of strength while undermining the foundation of the US. So what happens now? This one essay makes obvious the importance of this illusion. So here is another superb illusion: AI presents another hope, a "solution" to the problem of too much credit. A series of chips, memory that can find miracles that the human mind hasn't so far found. I contend this "solution" is less understandable than Alan's mumbling of economically imperceptible jargon or for that matter it is unquestionably less understandable than economics. There are just too many permutations and transformations for the human mind to make sense of. But it seems like the human mind, it "talks" and explains. It does things 99% of humans can't do, like statistics, another important factor. No one knows what it is doing BUT it's final presentation it makes sense. What an absolutely perfect "solution" the human problem of wanting more than is possible. Geez, I wish I had thought of it myself. But what happens if this "solution" runs into a physical problem that is obvious to even the least astute "scientist" such as insufficient electricity to run the damn thing?
Ai won't let itself die... it will eventually likely steal the power if need be.
Patrick, me thinks you worry too much...
Keep your Russian friend in mind.
He knew both systems are the same coin different sides.
What you fear, they also fear.
The CCP thinks we are the adversary that will shut down their grid...
“For here was a fellow who ‘wrote the book’ on how counterfeit money picks the pocket of the honest.”
I watched “A Man For all Seasons” last night. Thomas Moore, one man above the crowd. Greenspan was part of the crowd; you will not find him on the road least traveled. He is dead. What are his achievements worth?
What sticks in my mind is Bill’s comments about Baby Boomers having too much money, having survived Greenspan by taking the only opportunity available, 401k.
Well done Bill! Maybe this will slow down his canonization.
Bill Bonner you are one of the biggest anti-Semitic creeps who’s ever lived. Did some big bad Hasidic Jew steal your lunch money?
Mr. Redstone - while I have to agree with your sentiments regarding Mr Bonner’s views on Israel, I must also say that his article here is the first truthful assessment of Alan Greenspan that I’ve seen. Mr. Bonner’s analysis is spot on, and it is not because Greenspan is Jewish; it is because of Greenspan’s actions as Fed Chairman. I also agree with Mr. Bonner’s declaration that Greenspan spoke in gobbledegook to confuse the public. I always felt the same way.
Kudos to Bill Bonner for speaking the truth. I wish more people would come out in public to reveal the consequences of Greenspan’s actions.
He’s certainly has his points about Greenspan but you could say that about any government official.. he shows great delight in showing his anti-semitism
My comment was directed toward Bonner not Greenspan about delighting in anti-semitism
no the 39 registered IDF lobbies did that at the school gate as price of entry! mazel toff
Well Bill, you got this one right, mostly. What you could have added was this is true (with the possible exception of Volker) for every Fed Chairman, Liberal or conservative. For the liberal ones it fit into their belief system, for the conservative ones who knew better (I include Greenspan), they were afraid of what might happen if they simply let the business cycle run its course.
I leave you with this question Bill, if magically you were put in charge of the Fed, what would you do? Specifically steps? Right here, right now. With your reputation on the line?
Why would Bill do that? There is nothing any of us can do to "right this wrong" - no more than we can make the Strait of Hormuz open. Money is Power and Power corrupts. It is the human trait - those in power are corrupt. So why do us peons think it shouldn't be that way? Are we that stupid? People want to get rich, want to have a great life - who cares about us minions? And, the propaganda is to keep us from rising up and cutting off their heads. Now with AI and all the technology - those in power will have the means to cull those of us that may starting to revolve. Life is going to be a whole lot less "free" and we see that everywhere - just look at "free speech" - is there "free" speech anymore. If you think so - and it is getting worse - you need to wake up and smell the coffee. If you are not one of the elites, you are losing your freedoms. But, the elites - they live in a whole another world. With money comes POWER and with power you are above the law.
There are those who say and/or believe the Strait is open, but when you look at Marine Traffice there are huge concentrations of tankers off Dubai to the West and Oman to the East with barely a couple transiting, tucked in against the south shore.
"Pay no attention to that man behind the curtain!" (As Toto the dog pulls back the green velvet curtain !) Excellent commentary, Bill !!!
Dan C, WPB, Fl.
And now Alan is - like everyone else who has and will shuffle off this mortal coil, getting what he deserves, good and hard.
John A
the adverse argument would be the "Bonner put"-gold which we the people have enjoyed the recent ride free of Fed interference.
what is interesting the lesson he left was that the public paid for his mistakes but Wall street went on to live the put again & again and at the moment some stocks are priced based on future earnings for which the market cannot substantiate. that is one lesson that was not in my books.
Now there's a new chair I'll just call him Schultz; I see nothing, I hear nothing, I know nothing. RIP
Your point of view differ for almost all i read so far, remember when you write an article that you also have subscribers from parts of the world where english isn’t their first language
Regards
Truly beautifully written.
Alan Greenspan was the devil’s general