“Richard Nixon made a lot of bad decisions, but this one was his worst. This one has had long-term consequences far beyond anything he ever imagined. We are now trapped by the Federal Reserve, which buys $1 trillion worth of government debt every year. If it stops, we will get into another major recession. So far, there are few signs the Federal Reserve is going to stop. From 1965 until 1971, foreign governments and central banks could put pressure on the Federal Reserve to stop its expansion of money. All the government or the central bank had to do was order gold at $35 an ounce. That leverage ceased 42 years ago.”
http://www.garynorth.com/public/11406.cfm
(Visited 36 times, 1 visits today)
Related posts:
Citizenship, identity, mourning loss of identity and moving on …
Move Over, Obamacare. Here Comes Obamaschool
Detlev Schlichter: Is present monetary policy rational?
Bill Bonner: There Is No Security in Bonds Right Now
Last Exit Coming Up
Doug Casey on Orwell's Nightmare – the Darker Side of Modern Technology
Marc Faber on Commodity Cycles and the Wealth Redistribution Craze
Eric Margolis: Syria's WMD?
Immense, Needless Human Misery Caused by Speculative Credit Bubbles
Has your life been stolen from you by the IRS?
U.S. Prisons Thriving on Jim Crow Marijuana Arrests
Common Core: A Lesson Plan for Raising Up Compliant, Non-Thinking Citizens
State-Wrecked: The Corruption of Capitalism in America - David Stockman
Grasping for Dignity in the Era of the American Police State
"When Will They Learn?"