Tuesday, October 14, 2008

The more things change the more they stay the same...

Greenspan claimed he has been a curious and attentive researcher of history yet forgot a few lessons learned long ago...

FDRFinally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people's money, and there must be provision for an adequate but sound currency.

These are the lines of attack.

I shall presently urge upon a new Congress in special session detailed measures for their fulfillment, and I shall seek the immediate assistance of the several States.

Through this program of action we address ourselves to putting our own national house in order and making income balance outgo.

Franklin Delano Roosevelt
Inaugural Address, March 4th, 1933

I can only hope that whoever gets elected pays attention to these words of wisdom and without delay embarks on a crusade to overhaul the ultimate cartel: The Federal Reserve. While its name has the word "Federal" and a connotation of strict governmental oversight, it's little more than a band of private bankers with the power to create money out of thin air, the very reason for this crisis.

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