Recession: Are we There Yet? This text is available only in English however there are translation tools on all the pages of the site http://www.17-76.net/
If you can't read this text you can find it at 1776-Annuit C=ptis: http://www.17-76.net/recession.html DIE ZEIT: Can the right monetary and fiscal policy keep the US out of a recession? Alan Greenspan: "Probably not. Global forces can now override most anything that monetary and fiscal policy can do. Long-term real interest rates have significantly more impact on the core of economic activity than the individual actions of nations. Central banks have increasingly lost their capacity to influence the longer end of the market. Two to three decades, ago central banks were dominant throughout the maturity schedule. Thus, the more important question is the direction of long-term real interest rates." Chairman Sir Alan "El Maestro" Greenspan The Great Irony of Success ) ZEIT online, 30.1.2008 Interest Rates are the Cause and Consequence of the Explosion of Income Disparities and the Inherent Instability of the System "The income gap between the rich and the rest of the US population has become so wide, and is growing so fast, that it might eventually threaten the stability of democratic capitalism itself." Chairman Sir Alan "El Maestro" Greenspan Alan Greenspan Was Right: Translation of GreenSpeaks Into Plain English This paper explains the roots of the recent crisis and shows that the proposed solutions of governments takes care of some of the symptoms [Financial Market Crisis] without dealing with the problem itself [economic disequilibria]. Worst they even accelerate a phenomenon which will ultimately bring the world into a systemic economic catastrophe. Expect aqn Asset Price Bubble of a size never seen before followed by a crash: it will be dramatic and ugly with no prior warning. A free market, credit free solution exists. We propose a way to implement it. This text translates GreenSpeaks into plain English however it is still a bit technical and requires a BA with one concentration in economy or scientific subject. However the implementation is simple. If you want to skip the technicalities jump here. "At the present moment people are unusually expectant of a more fundamental diagnosis; more particularly ready to receive it; eager to try it out, if it should be even plausible. But apart from this contemporary mood, the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. Emperors and armies come and go; but unless they leave new ideas in their wake, they are of passing historic consequence. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil." John Maynard "Invisible Hand" Keynes, The General Theory of Employment, Interest, and Money, 13 December 1935, p. 383. Quoted by Chairman Sir Alan "El Maestro" Greenspan Adam "Defunct Economist" Smith At the Adam Smith Memorial Lecture, Kirkcaldy, Scotland February 6, 2005 For the economists read our on line document: A Specific Practice of Employment, Interest and Money 1776-Annuit C=ptis Is a Bailout Plan for the Rest of Us 1776-Annuit C=ptis Can't Prevent the Crash But it Can Save You from its Consequences! Consider your environment print and give a wide audience to that document. 1 7 7 6 Annuit Co=ptis believes that it won't have time to contact you again till it declares the state of systemic economic catastrophe. However please read our Strict Direct Contacts Policy Reproduction rights of all or part of this document is granted to anybody under the strict condition that the address of the site: http://www.17-76.net/ and the name 1776-Annuit C=ptis appear prominently on the document. Should you need to contact 1776-Annuit C=ptis please write to [EMAIL PROTECTED]
