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He worried for good reason. "The fallacy of monetary policy in the US is to believe this money will go to the man on the street," he said. It hasn't so far and "won't.""It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols."
"It is difficult to tell what will happen. I happen to believe that eventually we will have a systemic crisis and everything will collapse."
"But the question is really between here and then. Will everything collapse with Dow Jones 20,000 or 50,000 or 10 million? Mr. Bernanke is a money printer and, believe me, if Mr. Romney wins the election, the next Fed chairman will also be a money printer."
"And so it will go on. The Europeans will print money. The Chinese will print money. Everybody will print money and the purchasing power of paper money will go down."
"I think there is a huge misconception and fallacy that money printing can actually improve the rate of employment because the money flows down into the system."
"It goes first into the banking system and into financial institutions, into the pockets of well-to-do people. If you drop money into my pockets".at the same time (of wrongheaded) government involvement," economic development is stifled.
"I don't want to build a new business. But what I may do is look around the world (for) distressed assets. So I will go and buy existing assets, takeovers. But takeovers don't add to employment. They destroy employment."
"Secondly".they have been saying for the last 15 years that bailing out LTCM was necessary. Then they saw the NASDAQ collapse after March of 2000. We need to create another bubble. Print money. They created a gigantic credit bubble and the misery that we have today".Thank you, Mr. Bernanke."
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