Peter Schiff Will Pay to Debate Alan Greenspan

Peter Schiff is angry at Greenspan, who keeps repeating "Nobody saw it coming... Who could have known?" regarding the housing bubble he and his Fed created and the financial crisis triggered by it. Schiff knew, and he was laughed at (watch the second video in the link). So did many other people, including Ron Paul (he was laughted at, too, and continues to be laughed at by so-called mainstream media). Schiff is irate enough to offer money to debate Greenspan on TV (ABC in particular).

The New York Times Op-Ed piece Schiff is talking about in the video is here: "I Saw the Crisis Coming. Why Didn't the Fed?"

I, too, remember Greenspan praising adjustable-rate mortgages, instead of sounding caution.

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Maestro Speaks: Gold Is Real Money

Gold Rally Signals Move Away From Currencies, Greenspan Says
(9/9/09 Bloomberg) [emphasis is mine]

"Sept. 9 (Bloomberg) -- Gold prices that jumped above $1,000 an ounce this week are signaling that investors are buying metals to hedge against declines in currencies, former Federal Reserve Chairman Alan Greenspan said.

"The gains are “strictly a monetary phenomenon,” Greenspan said today at an investment conference in New York. Rising prices of precious metals and other commodities are “an indication of a very early stage of an endeavor to move away from paper currencies,” he said."

Mr. Greenspan seems to be back to his roots ("Gold and Economic Freedom", 1966). Not only that, he seems to speak English that we the commoners can easily understand. That's refreshing.

His "very early stage" should be encouraging to gold investors, and to CEO of Barrick Gold Corp. who just announced that the company plans to eliminate all the gold hedges.

Greenspan also observes:

"“What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment,” Greenspan said.

"China, the world’s fastest-growing major economy, will continue to be a “large consumer” of commodities, including energy and metals, Greenspan said.

"“China is turning out to be the 900-pound gorilla in the energy and commodity market,” Greenspan said. “The increase in oil consumption in China has been quite extraordinary.”"

And China may be turning out to be that in precious metals, too.

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Paul Krugman’s Advice to the Fed, 2002, from the LRC Blog

Amusing find from Lewrockwell.com's blog site:

Paul Krugman’s Advice to the Fed, 2002 (6/15/09, The LRC Blog)

It has a link to Krugman's article on August 2, 2002. About 2 months later in early October, instead of double-dipping, Nasdaq bottomed. Mr. Greenspan did exactly what Krugman recommended, and here we are, 7 years after.

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