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.

Thomas Dorman, RIP

Thomas Dorman, MD, of the Paracelsus Clinic in Federal Way, Washington, died unexpectedly on Tuesday. He was 72. An international man and American patriot, Tom was born in British Kenya, where his father was a coffee merchant, who in WWII helped supply travel documents for Jews escaping the National Socialists. When Jomo Kenyatta came to power, they moved to Israel, where Tom attended high school and later served in a parachute regiment during the ’67 war. Tom went to university in Liverpool and medical school in Edinburgh, and practiced in Canada before moving to America.

Supporters of Capitalism Are Crazy, Says Harvard

Last weekend, Harvard University sponsored a conference called (I am not making this up) “The Free Market Mindset: History, Psychology, and Consequences.” Its purpose was to try to figure out why, since everyone knows the current crisis amounts to a failure of the market economy, the stupid rubes continue to believe in it. The promotional literature for the conference opened with a quotation from the oracle Alan Greenspan.