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Article posted Aug 07 2011, 10:43 PM Category: Economy Source: Bill Anderson Print

Greenspan comes clean and endorses the 'Zimbabwe-Weimar Solution'

by Bill Anderson, LRC Blog

Hey, those idiots at S&P don't know anything about money and U.S. debt! Says who? The Great Alan Greenspan, that's who! Default? Fuhgeddaboutit! Here is the latest:
Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P's decision to downgrade America's credit rating.

"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press. (Emphasis mine)

"What I think the S&P thing did was to hit a nerve that there's something basically bad going on, and it's hit the self-esteem of the United States, the psyche" said Greenspan.
Granted, because I am in the Austrian camp, I don't know anything about economics and money, but I still think my question should be asked: Is not the very act of paying a debt using newly-printed money in itself an act of default? Or, maybe I should be asking a more pertinent question: What has Greenspan been smoking?

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Comments Add Comment Page 1 of 1
Nalliah Thayabharan

Posted: Aug 08 2011, 12:51 AM

7051 US economy is in a deep hole and US shouldn’t dig any more. Reckless money printing known as “Quantitative Easing” and economical stimulus packages introduced in the aftermath of the Credit Crunch, has made very little impact on the growth of US economy. Current US economical growth is not adequate enough to create jobs and to get an economy back on track. Now the banks are under enormous pressure to lend more money but reckless lending by banks got US into this mess in the first place. The economical problems in Greece, Spain and Italy are very precarious. The bailout phenomenon is not working in Greece which is on the brink of defaulting on its debt. It is impossible for the EU to bailout Italy which is the third largest economy in Europe.
Democracy in US is a dictatorship of the elite. US is not a democracy because it is money that talks during elections and not the people. The results of each election are the expression of the voice of money and not the voice of Americans.
Peru’s constitution prohibits an outgoing president from seeking a second consecutive mandate. In Guatemala, not only can an outgoing president not seek re-election to the same post, no one from that president’s family can aspire to the president either. Rwanda is the only country in the world that has 56% female parliamentarians. In the recent CIA index, four of the world’s best-governed countries are African. Equatorial Guinea whose public debt represents only 1% of the GDP.
After Libya, NATO will go after Algeria, because apart from its huge energy resources, the country has cash reserves of around $250 billion. This is what lures the countries that are bombing Libya and they all have one thing in common – they are practically bankrupt. The USA alone, has a staggering debt of $14,000 billion, France, Great Britain and Italy each have a $2,000 billion public deficit compared to less than $400 billion in public debt for 46 African countries combined.

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