Alan Greenspan, was recently a guest at an American Enterprise Institute (AEI) event. For all the new kids, AEI bills itself as "a community of scholars and supporters committed to expanding liberty, increasing individual opportunity and strengthening free enterprise." Makes you wonder why such an institution would invite one of the greatest destroyers of wealth that the world has ever seen. It also makes you wonder how the destroyer could be comfortable attending such an event. Has he no fear of being booed or heckled off the stage?
Of course not!
Greenspan can sit back, relax, and be as comfortable as Chris Christie at a Cato event:
In this performance, "The Maestro" picked up his conductor baton, and got going with some really good "syntax destruction". Watch below as he explains 'why we are getting bubbles'. The former central banker will dazzle any clear-thinking individual:
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The life of Alan Greenspan is a sad pathetic tragedy. He lives his last few years a disgraced man desperately trying to salvage his reputation among an establishment elite that will forget him a week after his death.
ReplyDeleteThere is only one way to redemption Alan, tell the truth. Nobody will remember you otherwise.
How appropriate would a gold bust of his likeness placed in the Fed be after his death?
DeleteNice idea, Nick, but might I suggest iron pyrite would be more appropriate for him?
DeleteWhy not "half and half"?
Delete:)
Perfect!
DeleteThis is the like the 10th time he has tried to link some development in the mid-90s to the dot com and housing bubble. Funny to look back at the time when he was called the maestro and pundits would try to decipher his gibberish as if every word mattered. Now it's obvious he was always mumbling nonsense.
ReplyDeleteDon't tell me this idiotic troll finally got with it.
DeleteScared straight, more likely.
DeleteI've watched this video 3 times now, thinking I wasn't understanding the point he was making.
ReplyDeleteI should have paid more attention to Chris's link to "syntax destruction" for context, because he's clearly just blathering.
What utter nonsense from Greenspan. In no way could any reasonable person see the creation of bubbles as a result of JIT.
I deal with JIT via the manufacturers I work with. There are many reasons for JIT, but among them TAXES are a major consideration(both the Feds and many states governments tax inventory on finished product). Sure, it helps cash flow and reduces manufacturing floor space, but those aren't the sole reasons.
So even if there was one iota of truth in Greenspan's statement, it would have once again been government partially responsible for creating said bubble- and again, I don't believe nor see any evidence what so ever for his claim.
I'm trying to figure out how many times I'm going to hear my direct reports and their subordinates tell me in the coming week that we need to re-examine from the ground up our procurement and inventory methodologies, given the damage our current system is inflicting on the "aggregate" economy. I should invoice him for the time I'll be forced to waste refuting his latest load of errant nonsense and explaining why the ability to implement just in time is one of the greatest innovations in modern supply chain management.
ReplyDeleteI guess I should just be grateful the old charlatan is still around to provide more teaching moments.
Chris-
DeleteMy heart hurts for you. Your work life sounds like Dilbert in 3D.
Seriously, your reply hurts my heart. I hope you can find a way out.
I appreciate it, Rick, very much, but I reckon I'd have to confront economic ignorance no matter what my job is, whether it be cook or CEO. On the other hand, maybe we producers should go on strike. I wonder if old prune face is familiar with that idea?
DeleteHow's this for a great plot twist: Greenspan is actually going along with the madness to accelerate the destruction of the Fed/funny money system. On her deathbed, Ayn Rand commanded him to join the rank and file so he could sow the seeds for the ultimate collapse ;)
ReplyDeleteI've often thought that was the only sane option. That when Greenspan dies his papers will reveal he took part in the charade to destroy the fiat system.
DeletePointing at 'just in time' is simply absurd.
ReplyDeleteJust in time shifts the inventory costs from warehouses where the product is assembled to where the parts are manufactured. The inventory cost then appears in the bill of materials instead of as cost to operate a warehouse. The company making the final product knows by the terms they have with suppliers what the in process inventories can be, or at least what they have to pay for. There is no relationship to financial bubbles what so ever.
What'd he say. I didn't understand a thing he said.
ReplyDelete