When the History of the Financial Crash is Written

When the history of the financial crash is written, this is what will be said:

The
federal reserve and its serial bubble-blowing policy, fractional
reserve banking, the loss of America's manufacturing base, huge debts,
spending trillions on imperial adventures in Iraq and elsewhere, and
insane leverage and speculation using exotic instruments like credit
default swaps were the biggest long-term causes of the crisis
The
government could have prevented the crisis if it had heeded the
warnings of those speaking the truth, but because it was politically
easier, politicians pretended that they didn't understand what was
going on, and tried to "kick the can down the road" so that it would be
someone else's problem
Had the government let the markets deleverage,
and let cancer of malinvestment clear itself out of the market, we
would have been through most of the worst by the end of 2009. But by
borrowing, printing and spending many trillions of dollars we didn't have, by artificially propping up leverage, and by taking other counter-productive actions, the government ensured a full-scale depression, and ensured that it would continue for years
Economies cannot prosper
when the rule of law is destroyed and the government routinely lies.
The current crash would have ended much sooner had the government been
honest, and people trusted the government. The government's lies about
the Iraq war, torture, spying, 9/11, and just about everything else
destroyed people's trust that anything the
government said was true. Even with sophisticated propaganda methods,
one too many lies will destroy a government, a country and an economy.
In addition, there were many Madoffs - titans of industry and finance
and investment who were dishonest. Under the weight of dishonesty, no
one trusts each other enough to do business, and the free market shuts
down.

http://georgewashington2.blogspot.com/2009/01/when-history-of-financial-crash-is.html

Too bad this fuck is still a statist though...

When the History of the Financial Crash is Written

When the History of the Financial Crash is Written

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