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Source link: http://archive.mises.org/12505/greenspan-came-not-to-save-consumers-but-to-bury-them/

Greenspan Came Not to Save Consumers but to Bury Them

April 19, 2010 by

The Financial Crisis Inquiry Commission had penetrated, to an uncomfortable degree, the shallow defenses Greenspan has dreamt up to justify his indefensible behavior. FULL ARTICLE by Frederick Sheehan

{ 5 comments }

Chuck Horton April 19, 2010 at 5:32 pm

You can tell Greenspan has read “Atlas Shrugged”. Where else could he have come up with his…”It is not my fault!” defense?

brad April 19, 2010 at 7:14 pm

my how the mighty have fallen. helicopter ben is next. our depression era “expert” is setting up quite a repeat performance for us.

A. Viirlaid April 20, 2010 at 8:37 am

A big Thank-You to Frederick Sheehan for his timely exposé. Greenspan’s Dog and Pony Show is getting somewhat threadbare and very tiresome.

Frederick Sheehan’s article is priceless, just priceless. But don’t expect Greenspan to accept any blame from Sheehan’s critical analysis. Greenspan lives on a different economic planet. His past mutterings and protestations and incantations are pure FUD — and in the process, He destroyed America’s economy. We were fools to have been fooled for so long by the magical spells of this FED charlatan. That what He did was done with no premeditated malice is little consolation to those suffering from His ineptness.

Contributor ‘brad’ is right — Ben Bernanke is well on his own fastidious way to surpassing Greenspan’s ‘contributions’ to America and the World — even more quickly than the Fiasco accomplished by his mentor and predecessor at The FED. Greenspan (or His media acolytes) try to portray Him as some kind of Ayn Rand Disciple. Nothing could be further from the truth. Please see the contributors’ discussion at http://money.cnn.com/2010/02/05/news/economy/greenspan.fortune/index.htm

Even a short exposure to Dr. Ron Paul’s or Peter Schiff’s speeches and writing would cure the economically uninitiated and the financially bewildered of this particular misconception.

Greenspan has proven that not only does He Himself have amnesia, but He (IMHO) is making it patently obvious that He was NEVER any kind of Wizard or Maestro — in fact, He is coming dangerously close to proving that He was, and is, economically illiterate.

Tracy April 30, 2010 at 3:24 am

Who is Allan Geenspan?
I propose a hypothesis regarding his motivations that can explain the paradoxical nature of his mismanagement, (paradoxical given his previous incarnation as a champion of libertarian money ideals).
First I shall remind the reader that for us to accept the current belief that his actions as head of the fed were motivated by veniality, we are claiming that Greenspan has no regard for either for humanity or his historical legacy. This I find highly unlikely in a man who has formerly held passionately idealistic beliefs.
The possibility that he changed the fundumental core of his economic beliefs and thus innocently precided over his disasterous reign I find also highly unlikely. The 800lb gorilla in the room is fact is that by historical standards, trade, monetary and fiscal policies over the past quarter century have been abberrant enough to likely horrify any traditionally competant economist, no matter what school. Thus even if Geenspan has deserted his older beliefs, he still couldn’t justify his actions.
If the two stated explantions of his actions can be held to be very unlikely, then this justifies a search for other possible motivations of equal seeming unlikelyness, so long as they have some plauseability (are cogent).
Given the implauseability of the previous scenarios, I propose that logically the most plausable hypothesis would have to accept their inverse.

ie that Greenspan is neither motivated by monstrous veniality, lost any workable knowledge of his field or insane.
To be continued below

Tracy April 30, 2010 at 4:20 am

Continued from above

My hypothesis will thus assume that his actions were rational and driven by a motivation which was not antagonistic to his historical persona as a man of principle, and necessary to be kept secret even to the detriment of his public reputation.

Obviously this will seem far fetched to many but I must remind the reader of the plausability of the alternatives.

At this stage I must lay my cards on the table and explain that years before I developed my Greenspan hypothesis, I had come to several conclusions about the nature of the policy events that eventually led to the GFC. These I hold to be self evident to those closely aquainted with the issues.

1 At the conclusion of the cold war, factions of the power elite in the West immediately turned their attention to China, and the aim of neuralising the possibility of a tyrranical nationalist oligarchy, in control of a population of over a billion souls, threatening the globalist vision of Western corperatist hedgemony.

2 Rather than allow a limited and principled exchange of commodities and a “wait and see” waryness, combined with a genuine attempt to reform the most egregious sins of western captitalism,ie Cold War induced Third world debt, a high risk stategy was enacted.

To be continued

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