Apr 4, 2009
"Does the fact that Larry Summers made $2.8 million in speaking fees from Goldman Sachs, JP Morgan, Citigroup, and others last year explain the administration's ongoing generosity to Wall Street--both in terms of defining the problem in a way that benefits Wall Street (a "lack of liquidity") and in continuing to bail out the banks at taxpayer expense?
But it certainly shows how close to Wall Street Summers is. And we already knew Tim Geithner was close to Wall Street, because Wall Street was his primary constituency at the New York Fed. And when you're that close to a single constituency it's sometimes hard to get the perspective necessary to see the world the way more neutral observers do.
WSJ: Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.
A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows." Source
China may end up buying the whole thing. If I were them, I certainly would. They've got about $2 trillion in U.S. dollar denominated assets about which they have become increasingly skeptical regarding its long-term value. Why not spend about half of one percent of their reserves on something that has intrinsic
"...Ladies and gentlemen, the learned Central Bankers KNOW that historically, fiat currencies have a life span of around 40 years, maximum. The U.S. closed the gold window in 1971 – 38 years ago. This is why the dollar is long in the tooth. This is why all of the king’s horses and all the king’s men – ultimately, will not be able to put the humpty-dumpty-Dollar back together again.
Federal Reserve ENGINEERED credit contractions like we are currently experiencing will continue to inflict great pain on humanity and in the end, this will at BEST – buy time, meager as it may be.
That's why you want to be a “learner” instead of “learned” – and own gold [and silver]. Their value as money and a store of wealth will always represent the same or similar quantity of human labor to extract it from the ground, which is really all that money is or was ever meant to be, and this is why it is called precious.
"In times of change, learners inherit the Earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists." ~ Eric Hoffer" Read all here
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