Harvey Rosenblum, 38 Year veteran of the Fed, and now head of Research of the Dallas Fed.
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The Money Quote is: The Job of Federal Reserve of the is to create Moral Hazard
fascinating stuff . . .
The Federal Reserve & Moral Hazard
Absurd!!!!!!
Yes, more power to the Fed makes total sense.
I mean, if you hand over to these arsonists both the fire department and the police department then they will be able to burn down the neighbourhood, make sure the fire in contained and then make sure that no one is wrongly arrested. And the rest of us will not have to worry because the government will rebuild our houses. New houses for everyone! Sweet.
So clearly the job of the Fed is to create fire hazard.
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the Hubris of Rosenblum, anything, but unexpectable, is a sight to behold.
at least Reinhardt(sp?) offers a more honest explaination.
people would be better served spending the 8-18 minutes on this:
http://bullnotbull.blogspot.com/2006/12/fiat-empire-closer-look-at-federal.html
Yeah it’s all a big plot, a conspiracy: The Fed, The New York Times, Paul Volker, the universities… you need to personally reject fiat money and start buying all the gold you can, calculate M3 all day long (regardless of its lack of statistical predictive powers) and only carry coins.
Hurry, before FDR comes back to confiscate your gold (it’s in the Bible,) before the Clinton’s will send their UN-tagged black helicopter’s to your subdivision, before Al Gore hot wires your pick up, drives it to an auction house, sells it, and gives the money to Greenpeace (Greenpeace… Greenspan… is the Trilateral Commission the standard six percent?)
Join the prospective VP Palin’s ‘Alaska First’ secessionist party, live in the Unibomber’s old ‘hood and dig for gold all day. Enjoy yourself. Buy every ounce you can find and outperform the S&P for the next twenty years, just like it has for the last seventy years… oh, it hasn’t?
A t least two writers in the 19th century foresaw the advent of totalitarianism. The first was Dostoevsky and the second was Nietzsche. Both writers grasped the intellectual trend of their day. As education advanced, as the human spirit was given new opportunities for understanding, the result was intellectual radicalism. In the 18th century Edmund Burke warned his contemporaries that education without religion or aristocratic principles would turn against mankind. Burke wrote: “Learning will be cast into the mire, and trodden down under the hoofs of a swinish multitude.” Burke added, “In the groves of their academy, at the end of every vista, you see nothing but gallows.” Overwhelmed with a similar insight, Dostoevsky and Nietzsche updated Burke’s lament. In Dostoevsky’s novel, The Possessed, a radical young intellectual advocated a world in which Cicero would have his tongue cut out, Copernicus would have his eyes put out, and Shakespeare would be stoned to death – in the name of universal equality. Dostoevsky predicted that the radical mentality – emerging in the 19th century – would kill 100 million peoplein the 20th century. Those without vision, without a sense of where the world was headed, disbelieved Dostoevsky’s prophecy. Such a calamity could never happen, because the world is not a madhouse.
Enter Marx, Engels, Lenin and Stalin. Enter, as well, Mao Zedong, Pol Pot, Fidel Castro, Ho Chi Minh, and today’s politically correct mob. What characterizes them, besides their egotism and narcissism, is their false idealism and moral posturing. According to Edmund Burke: “Nothing is more certain, than that our manners, our civilization, and all the good things which are connected with manners and with civilization, have, in this European world of ours, depended for ages upon two principles; and were indeed the result of both combined; I mean the spirit of a gentleman, and the spirit of religion.”
Since Burke’s time, modern intellectuals have overthrown the spirit of a gentleman and the spirit of religion. Every structure, every religious precept, every honored tradition, came under intellectual attack. God and country were targeted. Religion and patriotism were targeted. The main surviving ideals of our day are those of leveling, equalizing and taxing into penury. Envy is the Holy Grail of our intelligentsia, and the annihilation of all values is their ultimate end…
J.R. Nyquist
http://www.financialsense.com/stormwatch/geo/pastanalysis/2008/0829.html
I generally disagree with anything coming out of the American Enterprise Institute; they are generally shills for big business.
How did Reinhart sneak in there?
VennData–
After the Inauguration but before the new President actually takes the White House either; Israel will attack Iran or Russia will invade Ukraine. In either event our government is on a course to repudiate our debts both public and private. Then again, maybe not.