Greenspan Successor Named

Pres. Bush today named Benjamin S. Bernanke, former Princeton professor of economics, and recent chairman of the President's Council of Economic Advisors, as successor to Alan Greenspan to the chairmanship of the Federal Reserve Board of Governors.

The appointment is noted, along with a lot of wildly misleading Wall Street propaganda celebrating the fancied virtues of both men, in the linked article.

"Bernanke Picked by Bush to Succeed Greenspan at Fed (Update1)" 24 October 2005
"The Mistakes Of Our Grandparents?"

Scroll down to the graph depicting total US credit market debt as a percentage of US Gross Domestic Product.

In 1952, it was 125%.

By 2004, in was almost 300%.

It's now over 300%.

It is at its heighest ratio since the stock market crash of '29.

Mr. Greenspan set out to organize a boom in the prices of equities and bonds. He succeeded. There's a terrible price to pay for the temporary prosperity attained through a process which amounts to "printing" money.

The Scottish banker John Law was a temporary hero of public opinion in France in the eighteenth century. His reputation soon adjusted downwards to conform to what he earned. Mr. Greenspan is the John Law of our generation.

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