I don't see a link in Monty's post, so go here and read David Stockman's remarks from 9/26/13.
It's fairly long, and Stockman spares no one, including his old boss, or himself, for that matter. Truth.
Read it, and sigh. Tears will spoil your aim.
That's quite a summary of where we've been. We're hosed. Can't say I understood the machinations concerning what the Fed is vs. what it should have been. But I got the gist of it.
ReplyDeleteDon't want to come across sounding like an OWSer but Wall Street types appear to be pretty much greedy, evil, parasites.
It's why I switched to calling the government-financial-media complex fascists instead of socialists.
ReplyDeleteThe Fed, and the world, for that matter, have gotten by with a lot because of the rise in productivity -- especially what has been done with computers and robotics. Computing power is still rising supposedly, but the productivity boost from computers and labor globalization seems to be tailing off. I think that's what's eventually going to bring the whole thing down.
I kind of get the feeling that maybe the fifty years between 1950 and 2000 was essentially a function of the upheaval wrought by WWII. The Great Depression could be the Central Bank Keynesian norm.