Monday, March 8, 2010

Greenspan

The 'deregulation' promoted by Greenspan, Rubin, Summers et al was not to free the markets, though, but to empower an entrenched club of insiders to manipulate the markets. Because monopolistic control of the monetary supply is in the hands of a banking cartel, it is a manifestation of centralized oligarchical power, and it supplants free competition with organized 'competition' within a framework established by a single entity, the Fed cartel.

It's analogous to something like the NFL- the Bears and the Packers players will play a competitive game on the field, but the two business organizations are partners in a league, the NFL, where their overriding concern is the financial success of the league as a whole, not points on the game scoreboards. All the major banks are partners in the Fed system, and they would not behave in ways that would put themselves individually above the success of their league ( cartel ).

Greenspan manipulated the monetary supply not to set the markets free, but to create a shared profit opportunity for the 'teams' inside their league.

When Greenspan was still listening to Rand, he was writing things like this:

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value." AG, 1967.

And then he went on to head the single largest generator of inflation and wealth confiscation through fiat.

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