Looks like the guy who gave us terms like 'irrational exuberance' is finally conceding. Yes, in addition to contributing towards the annals of linguistic gymnastics, he also managed to screw up the markets as a result of his policies while lording over as the Fed Chairman. Greenspan has an interesting term for these times - credit tsunami.
In a statement yesterday that reveals the absurdly obvious, he also said: "Investors, chastened, will be exceptionally cautious".
It is revealing to see what this seer had to say about markets and risk in the go-go days of 2004: “Not only have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient.”
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Hello Sunil,
Understand clearly, that these leaders have, once again, been caught red-handed, with their pants down around their ankles, and their hands in the cookie-jar/till, colluding to exploit and deceive everyone and at a scale and scope that is absolutely mind-boggling. Furthermore, this model of civilization (money, politics, and religion) has repeatedly failed. Unlike past failures though, this one is global in scope and greatly compounded by massive international deception and rampant greed in the form of derivatives, other smoke and mirrors financial schemes (scams), and several layers of speculation. The same out-of-control "betting schemes" were also behind the skyrocketing oil prices of recent years.
The derivatives scams alone have grown to more than 10-times the entire global GDP (at last counting) and are now failing because the scam/pyramid scheme broke and exposed the deception for all to see. A significant portion of global wealth and power was created and propped-up using these and other now-proven smoke and mirrors and house of cards illusions and delusions. These deceptions have grown many times larger than the rest of the entire world economy. Consequently, there is no way that all of the world's governments combined, who themselves borrow so-called "money" from other central-bank smoke and mirror deceptions, can solve this debacle, by using more smoke and mirrors money scams. The only solutions they are offering will take centuries to repay, if ever.
So, why should all of humanity be forced to suffer and struggle any longer now that the entire global financial system has been exposed as a mind-boggling deception within many other deceptions? No one in their right mind would continue to be enslaved by a proven deception, which is also proven to be undeniable slavery-by-proxy !!!
Here is Wisdom...
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