UNCLE SACHS RULES U. S. FINANCE:Greenspan, Naked Short Selling and Fraud Abide
By Wayne Jett
In all Alan Greenspan’s years chairing the Federal Reserve (1987-2006), “the Maestro” played only the Phillips Curve Symphony: destroy jobs to fight inflation. Now Greenspan has composed an equally dismal refrain: raise tax rates to reduce deficits. At least this service to the dominant elite is slightly less unseemly, now that he is paid directly by them rather than by their central bank.
Greenspan was interviewed for an hour by Mort Zuckerman at the New York-based Council on Foreign Relations. The CFR has 4,000-plus members who act to various degrees in a high-powered secretariat to advance “the new republic” in taking full power unencumbered by the U. S. Constitution. Greenspan told CFR the Obama stimulus spending was not nearly as successful “as many had hoped” because government deficit borrowing crowded out private growth.
Tax Hikes Will Help?
How does one make stimulus “activism” less obtrusive in slowing the private economy? Simple, the Maestro says – just raise taxes on the private economy so federal deficit borrowing will be less. And, surprise! The Wall Street Journal treats Greenspan’s advice as more substantive than a punch line on The Gong Show, a totally undeserved accolade.
When borrowing for stimulus spending (alternatively called “bailouts” or “looting”) hurts the private economy, as forecast here, any rational person without malevolent intent stops the spending. But those who wake each morning seeking ways to crush the productive class do, in fact, have malevolent intent. So they advise adding obtrusive, activist government taxing on top of obtrusive, activist government spending. There – that should put the private economy back in good health pronto!