Greenspan: Economic Uncertainty Greatest I Have Ever Seen

by JASmius

Um, no, Mr. Chairman, the problem isn’t economic “uncertainty”; nobody is “uncertain” about where the Obamaconomy is heading:

Uncertainty now represents the biggest problem plaguing the economy, says former Federal Reserve Chairman Alan Greenspan.

While the Fed’s massive easing program has stabilized much of the economy, “the issue goes beyond that, because, even though we have very major expansion of the balance sheets, it has not essentially spilled over in lending by commercial banks into the usual pattern that one sees when reserves go up,” he told CNN’s GPS program.

So why aren’t banks lending more?

The direction of the economy, that’s why.  The country is ruled by a Marxist-Alinskyist who’s hostile to capitalism and free enterprise, that’s why.  ObamaCare, that’s why.  $17 trillion of debt, half of it added in the past five year, that’s why.  You’ll note that there’s nothing “uncertain” about any of these factors.  It’s like when you lose your job – that is not generally the time you go on a huge spending spree; banks aren’t lending more because they fear a disproportionate number of loans going bad.  The obvious remedy?  Force the banks to lend more!  Does that sound familiar?  ’cause it should.

I don’t know if Greenspan is just prone to euphemizing or if he really believes the “uncertainty” theory.  Though the fact of his praising Janet Yellen and speaking positively about currency debasement and debt monetization is a pretty good clue.

Meanwhile, last week’s phony-baloney, plastic banana, good time rock & roll jobs report is somehow expected by “economists” to lead to a “gradual tapering off” of the mad printing of greenbacks.  Given Janet Yellen’s inflationist proclivities, I’ll believe that when I see it.