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“Revelations” from Greenspan: “Fraud Createes Considerable Instability in Competative Markets”

13 Nov

How interesting to have Greenspan give a talk from Jekyl Island, birthplace of the FED through secret meetings of banks 97 years ago… and proclaim that liquidity and fraud are the problems while sitting next to Bernanke who has just flushed another 600 billion into the fraudulent system…

indeed.

life is curiouser and curiouser.

“There are two fundamental reforms that we need to get adequate capital, and two to get far higher levels of enforcement of fraud (pause) statutes – Existing ones, I’m not even talking about new ones.  Things were being done which were clearly illegal, and even criminal in some cases. Fraud. Fraud is a fact.  Fraud creates very considerablet instability in competative markets. If you cannot trust your counterparties, it won’t work. And indeed we saw that it didn’t.”

 

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