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Ardent Listener
21st December 2008, 00:17
Is the Medicine Worse Than the Illness? - James Grant

DECEMBER 20, 2008 Essay

Is the Medicine Worse Than the Illness?

The world ran out of trust in 2008 -- but there is no shortage of money because the Fed is printing like mad. It's the wrong approach, with potentially dire consequences, says James Grant.

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It is a sorry place at which we Americans find ourselves this none-too-festive holiday season. The biggest names on Wall Street have gone to their rewards or into partnership with the U.S. Treasury. Foreigners stare wide-eyed from across the waters. A $50 billion Ponzi scheme (baited with, of all things in this age of excess, the promise of low, spuriously predictable returns)? Interest rates over which tiny Japanese rates fairly tower? Regulatory policy seemingly set by a weather vane? A Federal Reserve that can't make up its mind: Is it in the business of central banking or of central planning? And to think -- our disappointed foreign friends mutter -- all of these enormities taking place under a Republican administration.
Trust itself entered a bear market in 2008, complementing and perhaps surpassing the selloffs in stocks, mortgages and commodities. Never to be confused with angels, we humans seem to outdo ourselves when money is on the line. So it is that Bernard Madoff, supposed pillar of the community, stands accused of perpetrating one of the greatest hoaxes since John Law discovered the inflationary possibilities of paper money in the early 18th century...................

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mick silver
21st December 2008, 01:33
good read thanks

21st December 2008, 11:31
I'm saying again that the Central bankers and their accomplices on Wall Street and in the government, are criminals and fraudsters and at this rate, by the time the masses wake up, they've already pulled off their crime.
While that was an outstanding article, not once did I see the question even asked and that was how is doing more of the same by the same criminals that got us in this mess, going to get us out of this mess, even though he may have answered it.
The "full faith & credit of the United States government"?? Pardon me while I puke and then go buy some more gold and silver.... :(

Ardent Listener
21st December 2008, 15:32
James Grant writes for the Wall Street Journal but don't hold that against him. If you get the chance google his name and see other articles of his.