Is the US economy about to collapse worse the Greece’s?
Some, like Paul Krugman, say that it’s okay for governments to print unlimited money. Others, who have actually managed businesses, say otherwise.
** David Stockman is among the latter. He was Reagan’s budget director for a few years. He became a media sensation because of his command of numbers. **
He left the White House early, fretting over federal debt. But debt in the 1980s was as a piggy bank to Wells Fargo.
In an interview with Business Insider, Stockman warned that America’s financial end is nigh, and that you better hope the Lord returns before it gets here.
Here’s the heart of the matter. The Fed is a patsy. It is a pathetic dependent of the big Wall Street banks, traders and hedge funds. Everything (it does) is designed to keep this rickety structure from unwinding. If you had a (former Fed Chairman) Paul Volcker running the Fed today 7/8— utterly fearless and independent and willing to scare the hell out of the market any day of the week — you wouldn’t have half, you wouldn’t have 95 percent, of the speculative positions today. [Emphasis added]
Read more: https://www.businessinsider.com/david-stockman-youd-be-a-fool-to-hold-anything-but-cash-now-2012-3#ixzz1oA6pTfdp
The GOP is our best hope, but its candidates better get their brains around this, and fast. I really don’t feel like spending the rest of my life foraging for roots and wrestling nuts from a squirrel.