JIM GRANT SAYS THE FED KNOWS NOTHING
Oh the ironies! The man who believes the U.S. has a Greek problem also believes the Fed has no idea what it’s doing….At least he gets part of the argument right. Unfortunately, the “brightest” and most respected minds in this country have just about no clue how things work in the real world. Is it any surprise that the economy is a total mess when everyone listens to these “experts”?
Source: Bloomberg TV
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When on Bloomberg last week Grant screamed about the dangers of inflation while questioning the danger of deflation. What a jackass. Why is every guy that wears a bow tie a protector of plutocracy?
Priceless eye-flutter / blank expression at 3:03 when Mr. Grant explains what a US dollar actually is…. a faith based currency
Dismissing and ignoring him, posters, makes it easier on your own nervous psyches. Shadowstats posits we will flip very quickly from deflation to inflation to hyperinflation as foreigners dump USA assets. It’s all just theory, right?
No, the USD is not a faith based currency. In the long run the USD will be as strong as the economy it’s used in. And that doesn’t bode well for the USD in the long run.
Yes Jim, it is just a theory, and a stupid one, called “quantity theory of money”. There will be no inflation. Learn about fiat money systems. Most of the myths circulating come from the gold-standard mentality thinking, completely inapplicable in US case.
These comments are unreal… “protector of plutocracy?” Huh? Grant has raged against the massive redistribution of wealth that was the financial industry bailout. That comment is nonsensical.
And then there’s the guy berating Jim Grant to “learn about fiat money systems.” Grant knows more about monetary history than I or any of you could ever hope to. These comments just demonstrate arrogance and willful ignorance.
People who are frightened confuse rudeness with power. Things will become much worse as their life savings evaporate, and they suddenly find themselves the serfs of the state, whatever that may turn out to be