| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Greenspan: “Brexit Is Worse than Lehman Collapse” (Video)
During a CNBC interview yesterday, Alan Greenspan delivered a blistering critique of Great Britain’s decision to leave the Eurozone, and whether Americans agree or disagree with his position, anyone considering a vote for Hillary Clinton should heed his words. The words I’m referring to however, aren’t specifically about how leaving the Eurozone will be “worse than the Lehman collapse.”
The part of the interview where Greenspan talks about how, “Brexit is just the tip of iceberg,” or how it will be “worse than the Lehman collapse,” is purely subjective. Worse from who’s perspective? Is it a bad idea for a drug addict to seek treatment? Ask the drug addict on Day 1 if treatment is a bad thing, and they’ll scream, “YES!” Ask the same person in five years, and their response will most likely be a very different one.
The truth is Lehman Brothers was a monetary drug addict that needed to seek treatment. Unfortunately, the treatment those responsible for the Lehman Brothers collapse got was a substitute drug, rather than treatment itself. The argument can easily be made that if the government hadn’t created “too big to fail” banks, and let there be more Lehman Brothers, we might not be in the economic dire straights we find ourselves in today. So, heed that portion of what Greenspan says with a grain of salt.
The part of what Greenspan said that should be broadcast nonstop throughout every liberal outpost across the country, is the part where he says,
“Brexit is not the end of the set of problems, which I always thought were going to start with the euro because the euro is a very serious problem in that the southern part of the euro zone is being funded by the northern part and the European Central Bank.”
Redistribution of wealth is Socialism. Socialism is Communism Lite. Communism ALWAYS leads to genocide. Get it? Got it? Good.
SUBSCRIBE TO THE TOP STORIES OF THE WEEK IN THE NEWSLETTER HERE
FOR MORE NEWS BY VOICE OF REASON CLICK HERE!
During a CNBC interview today, when discussing the historic Brexit vote outcome, Alan Greenspan unleashed a fiery sermon that could have been prepared just by reading a random selection of posts from this website, the former Fed chairman told his shocked hosts that the current period, far from the raging “Obama recovery” spun every day by administration propaganda apparatchiks and one that prompted the Fed to unleash a ridiculous rate hike cycle in December just as the US is sliding into a recession, and is instead the “worst period” he has seen, surpassing even the infamous Black Monday in severity.
“This is the worst period, I recall since I’ve been in public service. There’s nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away. I’d love to find something positive to say.“
EXCLUSIVE » Fmr. Fed Chair Greenspan to CNBC: “This is the worst period I recall since I’ve been in public service.” pic.twitter.com/mu0p471fAm
— CNBC Now (@CNBCnow) June 24, 2016
Of course, what he is referring to was a market shock which was the result of a massive capital account imbalance resulting from the aftermath of the Louvre Accord coupled with the then trendy Portfolio Insurance (in which everyone was on the same side of the boat, much like now) and not so much an all out economic malaise. Which, however, does beg the question when a Black Monday-like market crash is coming?
Rhetorical questions aside, Greenspan was referring to the unprecedented combination of economic stagnation, deteriorating demographics, insolvent entitlement programs, social inequity and wealth division, and of course, a historic debt overhang which could and should have been cleared out in the crash of 2008 but instead was preserved to avoid wiping out the same “equity holders” who also happen to be the Fed’s direct and indirect stake-owners.
To be fair, Greenspan, who in recent years has become one of the loudest advocate of gold alongside billionaires such as Druckenmiller and Soros, did not say anything our readers did not know. The former Fed chairman said that the root of the “British problem is far more widespread.” He said the result of the referendum will “almost surely” lead to the Scottish National Party trying to “resurrect Scottish Independence.”
Greenspan said the “euro currency is the immediate problem.” While the euro and the euro zone were major steps in a movement toward European political integration, “it’s failing,” he said. “Brexit is not the end of the set of problems, which I always thought were going to start with the euro because the euro is a very serious problem in that the southern part of the euro zone is being funded by the northern part and the European Central Bank,” Greenspan said.
He then repeated a point that has been widely accepted in recent months, namely that monetary policy – while still the only game in town – is now impotent. Greenspan said the ECB is limited in what it can do because these fundamental problems like the stagnation of real incomes don’t have easy solutions. “There’s a certain amount that monetary policy can do, but our problem is fundamentally fiscal,” he said, adding that this is true in the United States as well as “every major country in Europe.” Part of the problem is that the “developed countries are all aging very rapidly,” which is leading to a higher ratio of government spending in the form of entitlements, Greenspan said.
A far bigger part of the problem is the toxic loop of monetary and fiscal policy which we have pounded the table on for years, and which S&P laid out for all to see when it said that the more monetary easing takes place, the less incentive there is for reform and actual fiscal policy.
Since we have covered everything Greenspan said extensively in the past seven years, we won’t spend time repeating ourselves. Readers can watch the 90-year-old former Fed chairman admit everything we have said in the following clip.
GET YOUR FREE GUIDE TO SURVIVING MARTIAL LAW HERE
BE SURE TO CHECK THELASTGREATSTAND.COM FOR SURVIVAL GEAR!
IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:
How Will the U.S. Conduct Trade With Worthless U.S. Dollars and No Gold? (Video)
Why Did Illuminated George Soros Liquidate 37% of His Stock to Buy Gold? (Video)
What Exactly Does Global Economic Collapse Coming May 2016 Mean?
Dr. Willie and Peter Schiff Together: Total Currency Collapse and Reset Coming
Economic Implosion Will Lead to Stock Market at 5,000 by 2017 Forecaster Says
When Obama Suspends 2016 Election, a Guide to Survive Martial Law (Videos)
FOR MORE GREAT MATERIAL FROM JIM WILLIE:
Dr. Jim Willie: Due to Illuminati Rothschild’s, US War is Needed With Russia
Dr. Willie: Americans Will Be Armed With Pitchforks Looking For Who to Blame
Dr. Jim Willie: Death Sentence for Banks, Businesses, Families, and the US Dollar
Dr. Jim Willie: There Are No Prisoners Taken in The Global Money War
Dr. Jim Willie: Deutsche Bank Could Very Well Collapse Entire Banking System
Dr. Jim Willie: 7 Signs U.S. Economy Collapses; Gold Will Soon Back US Dollar!
Dr. Jim Willie: “Violent Gold and Silver Breakout” Coming to Economic Markets!
Dr. Jim Willie: Western Economic Markets Collapsing; Eurasian Markets Rise
Dr. Jim Willie: The Dollar is Dead! Even Mainstream Media Realizes it!
Jim Willie: Chinese Replace US Swift Banking System, Hastening US Dollar Collapse
Dr. Jim Willie – Secret Meeting at the G20 to Take Down the US Dollar
Dr. Jim Willie: Financial Deals Happening Behind Closed Doors; US Not Invited
Dr. Jim Willie: Economic Collapse is On Our Doorstep
Jim Willie: “The Quickening” is Approaching Global Economic Markets
Jim Willie: Both Our Allies and the American People Absolutely Hate Our Government
Jim Willie: U.S. Dollar is Now a Matter of National Security Due to Poor Decisions
Jim Willie, the Crumbling Global Economy, and the Dollar Crisis
FOR MORE GREAT MATERIAL FROM PETER SCHIFF:
Peter Schiff: “Trump’s Very Massive Recession May Have Already Begun”
Peter Schiff: Americans Fear Future With ‘Dead-End Economy, Crap Jobs, and Awful Wages’
Peter Schiff: “Can Donald Trump Really Make America Great Again?”
Peter Schiff: Dollar Collapse Will Be the Single Biggest Event In Human History
Peter Schiff: Obama “Peddling Fiction” As Unemployed Tops 100 Million People
Peter Schiff: Here Comes the Great, Great, Great, Great Recession!
Peter Schiff: “Whatever Obama Was Calling Recovery… is OVER!”
CNBC Actually Admits Peter Schiff Was Right… Again (Video)
Peter Schiff and Reagan Advisor: Complete Economic Collapse Immediately Ahead
Peter Schiff: Warning! Economic Storm Clouds Ready to Rain
Peter Schiff: Death of the US Dollar Is Imminent; Fed Out of Options
| THE VOICE OF REASON: | |
| Facebook: | https://www.facebook.com/LastGreatStand |
| Youtube: | https://www.youtube.com/c/RightWingConspirator |
| Google + | https://plus.google.com/+Thelastgreatstandconspirator/posts |
| https://twitter.com/#!/LastGreatStand | |
| Seen.Life | http://www.seen.life/profile/21900069-voice-of-reason |
| Minds.com | https://www.minds.com/VoiceofReason |
| Grassfire | http://grassfire.com/users/voiceofreason/profile/ |
| Tea Party Community | https://www.teapartycommunity.com/profile-151600/ |
| Right.IS | http://right.is/contributor/pages/351/169/bio.html |
SUBSCRIBE TO THE TOP STORIES OF THE WEEK IN THE NEWSLETTER HERE
FACEBOOK | GOOGLE+ | TWITTER | PINTEREST | STUMBLE UPON | TUMBLR
FREE GUIDE TO ECONOMIC COLLAPSE OR MARTIAL LAW…
AT THE OFFICIAL BLOG SITE BELOW!
FACEBOOK | GOOGLE+ | TWITTER | PINTEREST | STUMBLE UPON | TUMBLER
Glad to hear it! If Greenspan thinks it’s bad then it must be good for the general American economy.