Tuesday, October 25, 2011

Expect Big Time Nonsense Out of NYC Over the Next Couple of Days

The third annual Buttonwood Gathering starts tomorrow in NYC. Among the government apologists scheduled to speak:

Sheila Bair, Former Chairperson, Federal Deposit Insurance Corporation

Alan Greenspan, President, Greenspan Associates

Lawrence Summers, President Emeritus, Harvard University

Austen Goolsbee, Former Chairman, President's Council of Economic Advisors; Professor of Economics, University of Chicago Booth School of Business

Gene Sperling, Director, National Economic Council>

The government can always call upon this crew to do its bidding. How more hypocritical can you get than Alan Greenspan, who once wrote:

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. If there
were, the government would have to make its holding illegal, as was done in the
case of gold. If everyone decided, for example, to convert all his bank deposits
to silver or copper or any other good, and thereafter declined to accept checks
as payment for goods, bank deposits would lose their purchasing power and
government-created bank credit would be worthless as a claim on goods. The
financial policy of the welfare state requires that there be no way for the
owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against
gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold
stands in the way of this insidious process. It stands as a protector of
property rights. If one grasps this, one has no difficulty in understanding the
statists' antagonism toward the gold standard.
He wrote this and then became chairman of the Federal Reserve!

Barbara Walter spotted the hypocrisy. At the time he took the position at the Fed, she was dating Greenspan. In her book, Audition, she wrote:
How Alan Greenspan, a man who believed in the philosophy of little government interference and few rules or regulations, could end up becoming chairman of the greatest regulatory agency in the country is beyond me. It was a big issue when Alan was first appointed...


  1. Ya... We've seen this group in action and lets face it FAILURE BEGETS FAILURE. We should not every consider these people "Experts" in anything but hypothetical applications. They do not live in the real world . Let's see and How many jobs have you created Bair, Summers and Greenspan ... exactly 0.Yet they are deemed the so called experts . Not in my book.

  2. The group executing Buttonwood on behalf of The Economist is Chris Wayne & Associates, the same firm that spiffies up Clinton's Global Initiative and its latest competition, The Concordia Institute with its two neophytes.



  3. PEUReport/SotD-

    Just checked your blog for the last 20-30 minutes. Do you have contact info?

    Great site! Why don't you monetize!

    Bob, I'm sure that this meeting of TPTB will provide some great insights into the way that the world works in their eyes. Glad I won't be in NYC and have to deal with the traffic jams and random stops!