The Fed Did It, and Greenspan Should Admit It

According to Greenspan, the culprit is the savings glut from emerging economies, such as China. This glut of savings was channeled to long-term US Treasuries and other US financial assets thereby depressing their yields. In fact, this had nothing to do with the last economic boom or the current economic crisis. The only institution that can set in motion the expansion of money and a false boom is the Fed.

The Miraculous Market

Think of it! The finest orchestrations ever known to man, the most beautiful music any individual on earth has heard — all mine, and done for me privately when I want it, and where I want it, and for no more than the flick of a switch. Staggering! Yet I, like most Americans, take it for granted. We absorb the enjoyment and let it go at that; we drink of the cup without gratitude, as if the gift were automatically our due.