Al-Qaeda deliberately targeted the 9/11 attacks at the backbone of the world's financial system in lower Manhattan, to cripple US and world banking. That totally didn't happen and, national emergency aside, the US's (and world's) financial systems kept operating as normal, with no runs on banks and the NYSE trading at normal volumes just a week later. With the destruction of the physical infrastructure of banking and telecommunications in lower Manhattan, Alan Greenspan stranded in Zurich, and no one having any idea what was going on, how did that happen
? Within 41 minutes, Federal Reserve Vice Chairman Roger Ferguson issued a short statement on Fedwire that the Fed fund transfer system was fully operational and the Fed would remain open until "an orderly closing could be achieved."
Within 3 hours, the Fed issued a short statement that "The Federal Reserve System is open and operating. The discount window is available to meet liquidity needs."
The financial system, the Fed declared, would not fail. [more inside]
posted by Eyebrows McGee
on Sep 14, 2014 -
Greenspan’s Iron Law is that the sum of these two numbers is approximately constant, at least for the last half-century in the United States. That is a pretty fraught claim: it means that every time the United States adds a billion dollars to Social Security benefits or Medicare payments or unemployment insurance outlays we are forcing a billion-dollar reduction in family saving or in the retained earnings of business, or an increase in government deficits, or some combination of these. ... So what is the evidence for it?
Nobel-prize winning economist Robert Solow finds Alan Greenspan's latest book
to be ideologically driven and embarrassing, a pity for someone who, Solow writes, was, when looking at his whole tenure, a very good chairman of the Fed.
posted by shivohum
on Dec 17, 2013 -
Bernard NotHaus has been convicted of possessing and selling
coins that resemble United States coins, violating U.S.C. 18 § 486
and other US statutes. This follows three years after a raid on the Liberty Dollar offices. The trial took four days, the deliberation all of two hours. The US government is now pursuing a forfeiture case against Liberty Services for approximately $7 Million. (previously
) [more inside]
posted by Hactar
on Mar 21, 2011 -
Today, while testifying for only the second time on Capitol Hill since the financial crisis began, [former Fed chairman] Alan Greenspan said the Fed closely monitored the subprime market
[...]"I was right 70% of the time, but I was wrong 30% of the time, and there were an awful lot of mistakes in 21 years..."
. But Greenspan's defense
of his record today rang hollow
to many seasoned observers
, if not downright deceitful
posted by HP LaserJet P10006
on Apr 7, 2010 -
Is the currency that oil is denominated in the real reason for the Iraq War?
"The Federal Reserve's greatest nightmare is that OPEC will switch its international transactions from a dollar standard to a euro standard. Iraq actually made this switch in Nov. 2000 (when the euro was worth around 80 cents), and has actually made off like a bandit considering the dollar's steady depreciation against the euro. (Note: the dollar declined 17% against the euro in 2002.)"
posted by thedailygrowl
on Feb 11, 2003 -