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IPFS News Link • Economy - Economics USA

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• thefreethoughtproject.com by Jack Burns

Former chairman of the Federal Reserve, Alan Greenspan, is a villain to some and a brilliant economist to others. Greenspan has often been blamed for the housing bubble of 2008 which burst, causing the greatest economic recession since the 1920's. In a question and answer interview published in the February issue of the World Gold Council's Gold Investor, Greenspan opined about the importance of gold as the world's only real economic standard and admitted Ron Paul had been right all along.

The former chair of the federal reserve was asked about a term known as "stagflation." That's a condition wherein the economy is stagnant but prices are increasing. He was asked whether or not concerns over stagflation were legitimate or something no one should worry about.

Greenspan responded by saying the world is crying out for economic help by embracing populist movements like Brexit and Trump, but he legitimated concerns by others over stagflation by saying, "In the United States, the unemployment rate is below 5%, which has put upward pressure on wages and unit costs generally.


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