David Stockman should be appointed by the next president to be the last FED Chairman, with the task of shutting it down. He has his facts exactly right:
By introducing banks lending credit, government got huge and false economy bloated USA into an empty bag. We exported inflation and now it has gone too far (unto the 3rd and 4th generation) and the damage is done. They had control of credit inflation, but there is no controlling credit deflation.
The Hegemon can have absolutely no part in the recovery, they must deregulate everything and anything they have regulated. The big banks, big pharmacy, big Ag will disappear, and the good will re-emerge.
Feel free to forward this by email to three of your friends.
But, no, this wasn’t a case of Adam Smith’s division of labor and miracle of free trade. Nor was it a financial free lunch. Instead, this was classic vendor finance——but on an epic scale.Now the irony is vendor finance is exactly what we need to get out of this mess.... restore the asset-backed private credit that was once the lions share of commerce in the USA. Then we'd get free trade natural economay and division of labor, which we have lost.
By introducing banks lending credit, government got huge and false economy bloated USA into an empty bag. We exported inflation and now it has gone too far (unto the 3rd and 4th generation) and the damage is done. They had control of credit inflation, but there is no controlling credit deflation.
The Hegemon can have absolutely no part in the recovery, they must deregulate everything and anything they have regulated. The big banks, big pharmacy, big Ag will disappear, and the good will re-emerge.
Feel free to forward this by email to three of your friends.
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