THIS NOTION THAT THE FED CAN WAVE A WAND...AND THE GROSS EXCESSES OF WALL STREET GREED, AND YEARS OF PLANNED ASSET BUBBLES, AND ELITE LOOTING WILL DISAPPEAR IS SIMPLY INCREDIBLE...
WHAT IS HAPPENING TO THE US ECONOMY NOW...CAN NOT BE SOLVED BY RATE CUTS.
INDEED IT WAS THE FAILURE TO TAKE THE EXCESSES OUT OF THE SYSTEM BY THE GREENSPAN AND THE BERNANKE FEDS THAT CAUSED THESE PROBLEMS IN THE FIRST PLACE.
THE "PUNCHBOWL" WAS KEPT TOO FULL FOR TOO LONG TO PUT IT SIMPLY!
THE POST-BRETTON WOODS FAITH IN THE US DOLLAR WAS ALMOST ABSOLUTE...AND GREENSPAN ABUSED THAT FAITH TO THE OUTER LIMITS... GREENSPAN ALSO USED THE CHEAP LABOR OF CHINA TO MASK THE DEINDUSTRIALIZATION OF THE US ECONOMY...IN THE NAME OF DEFEATING INFLATION...BUT ALSO TO GET LABOR UNIONS OFF THE BACK OF INTERNATIONAL CAPITAL...
BUT THE REVOLT OF THE ELITES AND THE DAZE OF CAPITAL ARE ENDING NOW... THE EXCESSES HAVE BECOME TOO GREAT...THE LOOTING IS DOWN TO THE BONE.
THE US WILL FACE A LONG LONG PERIOD OF REHABILITATION...AND WILL LIKELY NEVER BE THE SAME AGAIN.
THE 20TH CENTURY'S PAX AMAERICANA HAS BECOME THE 21ST CENTURY'S POX AMERICANA...
NO ONE WILL TRUST THE DOLLAR AGAIN... JUST AS IN THE 70'S A LONG LONG NIGHT FELL UPON THE US ECONOMY AND ON WALL STREET... SO TOO NOW...WE WILL ENTER ANOTHER WALL STREET "DARK AGE."
AND NO. THE FED CAN'T DO ANYTHING ABOUT IT.... IN FACT THE FED HAS DONE FAR TOO MUCH ALREADY TO PUT AMERICANS INTO THE BIND THEY ARE IN TODAY...
ONCE THE DEMOCRATIC TAKEOVER OF WASHINGTON IS COMPLETE...IN 2009...PERHAPS THEN THE TRUTH WILL FINALLY COME OUT ABOUT WHAT'S REALLY BEEN HAPPENING TO THE US ECONOMY OVER THESE MANY YEARS...
AND IT WILL NOT BE A HAPPY TALE...INDEED!
