Federal Reserve ‘Will Be Gone’ In 25 Years, Top Financial Mind Predicts, Despite Geithner’s Vote Of Confidence
OPS_admin | Sep 30, 2010 | Comments 0
A mere half-hour after Treasury Secretary Timothy Geithner praised the “necessary” and “very substantial” actions of the Bush and Obama administrations to “break the back of the financial crisis,” one of the world’s leading financial minds said Thursday that the United States is in the same economic predicament today as it was in 2007, predicting that within 25 years the Federal Reserve “will be gone.”
Nassim Nicholas Taleb, renowned derivatives trader, university professor and author of “The Black Swan,” warned a gathering in Washington of the growing risk the nation has taken on as a result of poor decisions by the Fed and policymakers, including trillions of dollars in taxpayer money funneled into bailouts of private industry.
“This transformation from private debt … to public debt” is “bad” from a risk standpoint and “immoral” from an ethical standpoint, Taleb — a member of the Derivatives Hall of Fame whose book became a bestseller — told a crowd at the Washington Ideas Forum, an event held by The Atlantic and The Aspen Institute. Deficits “will break the Fed” and it will be replaced, he predicted.
“The Romans had a saying,” Taleb added: “The grandchildren should not bear the debt of the grandparents.”
Full Story: Federal Reserve ‘Will Be Gone’ In 25 Years, Top Financial Mind Predicts, Despite Geithner’s Vote Of Confidence.
Filed Under: Economy - Labor
Comments (0)
-
Who will you vote for this year: Big Oil, Big Casinos, or Wall Street?
Billionaire hedge fund manager - and primary contributor to Rick Santorum's Red, White, and Blue SuperPAC - Foster Friess let the truth slip out about politics in this post-Citizens United age during an interview with Politico. Friess was among several billionaires who attended the Koch brothers secret meeting last month where over a hundred million dollars was pledged to beat President Obama.Trying to get other oligarchs on the side of Rick Santorum - Friess said, "There isn't a person at the Koch brothers events who would not get a good return on their investment by investing in [Santorum] as president, because of what they believe about the free enterprise system." The key word there: investment. These aren't campaign contributions - these are investments that millionaires and billionaires are making to keep their tax breaks, their subsidies, and their lax regulations in place.We no longer have actual people running for President - we have a few very, very rich people like Friess and the Kochs investing in stooges to do their bidding - and hoping to see major returns in their bank accounts. So who will you vote for this year? Big Oil, Big Casinos, or Wall Street?-Thom(Who will you vote for this year? Tell us here.) -
LEGALIZE Democracy
" We the corporations" On January 21, 2010, with its ruling in Citizens United v. Federal Election Commission, the Supreme Court ruled that corporations are persons, entitled by the U.S. Constitution to buy elections and run our government. __________
MOVE to AMEND
a project of the CAMPAIGN TO LEGALIZE Democracy
Help end Corporate personhood
-
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
