David Stockman, former director of the Office of Management and Budget in the Reagan administration, talks about Federal Reserve monetary policy and Fed Chairman Ben S. Bernanke. Here is a direct link.
Follow
____________________________
David Stockman, former director of the Office of Management and Budget in the Reagan administration, talks about Federal Reserve monetary policy and Fed Chairman Ben S. Bernanke. Here is a direct link.
;
1. The FED (or any other central bank) is not in control of interest rates. Anyone who has read Shilling’s book “Age of deleveraging” or Robert Prechter’s “conquer the crash” knows why.
2. Since the US has a massive Current Account Deficit about equal to defense spending, foreigners are effectively paying for US military adventures abroad.