I have said on this blog before, I think, that I am currently addicted to Charlie Rose's talk show on the Public Broadcasting System. He had Sec. of the Treasury Geithner on tonight. Once again an extraordinary show of articulateness by Geithner, but it was IMHO all BS, sliced if you will, rather cleverly, but in the end amounting to nothing.
A first point: when, in the name of all that's even remotely sane, will these govt. guys stop looking to "growth" as the way out of trouble? Apparently never, but until they do they are manifestly whistling in the dark past the graveyard. "Growth" is over. More on that later.
But otherwise Geithner, who has to know better, never lets on that one way to solve the, as he said, "unsustainable" fiscal situation, that is, the horrifying growth of debt, public and private, is to "radically reform" the money system. That of course is a no-no to any banker, so it never comes up, and won't ever come up while the bankers continue to run everything. It is willed blindness; no one must touch their preserve as "money creators," sacred to them at least since the founding of the Bank of England in 1694. More on that to come, too. But that's all for tonight.
A first point: when, in the name of all that's even remotely sane, will these govt. guys stop looking to "growth" as the way out of trouble? Apparently never, but until they do they are manifestly whistling in the dark past the graveyard. "Growth" is over. More on that later.
But otherwise Geithner, who has to know better, never lets on that one way to solve the, as he said, "unsustainable" fiscal situation, that is, the horrifying growth of debt, public and private, is to "radically reform" the money system. That of course is a no-no to any banker, so it never comes up, and won't ever come up while the bankers continue to run everything. It is willed blindness; no one must touch their preserve as "money creators," sacred to them at least since the founding of the Bank of England in 1694. More on that to come, too. But that's all for tonight.
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