Patrick J. Buchanan: Fake News and War Party Lies

fake-news

Fake News and War Party Lies:

By Patrick J. Buchanan

Of course, Americans need to be wary of all of the “fake news” that is out there, but, more often than not, it is our own leaders, who lie us into new rights-robbing laws, entangling alliances, and even wars. After all, do we not have entire U.S. agencies and parts of the U.S. military whose job description involves deceiving everyone including us?

“I have in my possession a secret map, made in Germany by Hitler’s government—by the planners of the New World Order,” FDR told the nation in his Navy Day radio address of Oct. 27, 1941.

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ISRAHELL ON EARTH (Original MUST-WATCH Documentary)

Rothschild Zionism totally destroyed what has been a peaceful relationship between Jews and Palestinians before.

Destroying peaceful relationships is what is right now happening all over the planet.

The Illuminati are playing the divide et impera card and it works perfectly well for them … so far.

The Illuminati (The Rothschilds and the 12 other lite families have the greatest financial collapse and WW3 planned for us.

It was the Rothschilds who through their agents financed and controlled Hitler AND told him what to do!

They also controlled Stalin, Roosevelt and Churchill. WW2 has been a staged event and so has been the French Revolution, the Russian Revolution and WW1.

And now we are on the road to WW3. 

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Israel stealing Palestine:

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Description:

This powerful documentary exposes the hell that the palestinians have been going through. The world has been hijacked by a cabal of zionists/occultists, and the support given to them by governments has alienated much of the world. IsraHell on Earth looks at the origins of the abomination that is IsraHell and exposes its apartheid crimes.

NETANYAHU SPEECH DECODED http://www.youtube.com/watch?v=6mNCgm…

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We Are On Our Own

Flashback:

Secrets in Plain Sight (Full Video)


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All the world’s a stage, and our leaders are (and have been) all Illuminati (= Rothschild and the other 12 elite families) puppets.

The Illuminati have infiltrated and taken over the Freemasons a long time ago and the ‘lower’ ranks know NOTHING about this!

The History of the House of Rothschild

And the satanic power elite have the greatest financial/economic collapse and WW3 planned for us!

World War 2 was a staged event. 

The Illuminati funded and controlled all sides …

FDR, Churchill, Hitler and Stalin were all in the same club.

They were all elite puppets serving their masters.

Nothing has changed. Merkel, Obama, Cameron, Hollande and Putin (Yes, Putin!) are all elite puppets.

The Illuminati were also behind the French Revolution, the Russian Revolution and WW I.

So nothing has changed, except that this time it is World War 3.

Take a close look…

Adolf Hitler:

Financed by the Illuminati, i.e. Rothschild agents (just like Josef Stalin).

And yes, the Jewish bankers planned WW2 and they have funded Hitler.

Masonic sign:

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Masonic handshakes:

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Lion paw (left hand):

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And here is another hand sign:

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Think Merkel doing this is a coincidence?

Think again …

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Hermann Göring (hidden hand):

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Joseph Stalin:

Hidden hand:

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When Roosevelt made gold illegal to own for everyday people – At the point of a gun (A short video)

When FDR made gold illegal to own for everyday people – At the point of a gun (A short video) (AgainstCronyCapitalism, Jan 29, 2015):

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FDR, the man who studied Mussolini, who birthed the current intrusive state, who started the drug war in earnest, who put Japanese Americans into concentration camps, who extended the Depression years longer than it needed to be and thereby contributed to the genesis of the Second World War, who tried to pack the Supreme Court, who gave away half of Europe to the Soviets at Yalta,  and who confiscated the gold – the real wealth – of the American people.

What a guy. And he still has his face on the dime.

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Dylan Ratigan RAGES Over ‘The Extraction Of America’ And The Bought-Off Congress (Video)

Dylan Ratigan Rages Over “The Extraction Of America” And The Bought-Off Congress (ZeroHedge, Oct 15, 2013):

It’s been a while since Dylan Ratigan made some headlines but the farce under way in Washington reminded us of his epic ‘falling over the edge’ rant from 2011. In a Santelli-esque rage, Ratigan loses it over the banking, trade, and taxation that is draining America of everything and how nothing will ever change as the Congress is completely bought-off. Both political parties are to blame but “until we get the money out of politics” there is no policy that will fix the mess that we are in, he exclaims (and is once again proven rigfht today). The sad truth is these kind of honest truth moments are few and far between on the mainstream media (though we suspect will increase as reality sinks in)… and Ratigan’s “mathematical facts” and vehemence make this must watch on a day when the US equity market hovers incredulously near all-time highs.


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Roosevelt??? Are you serious Mr. Ratigan? Let me remind you of the following facts:

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America’s Default On Its Debt Is Inevitable

America’s default on its debt is inevitable (Washington Post, by Jim Grant, Oct 11, 2013):

There is precedent for a government shutdown,” Lloyd Blankfein, the chief executive officer of Goldman Sachs, remarked last week. “There’s no precedent for default.”

How wrong he is.

The U.S. government defaulted after the Revolutionary War, and it defaulted at intervals thereafter. Moreover, on the authority of the chairman of the Federal Reserve Board, the government means to keep right on shirking, dodging or trimming, if not legally defaulting.

Default means to not pay as promised, and politics may interrupt the timely service of the government’s debts. The consequences of such a disruption could — as everyone knows by now — set Wall Street on its ear. But after the various branches of government resume talking and investors have collected themselves, the Treasury will have no trouble finding the necessary billions with which to pay its bills. The Federal Reserve can materialize the scrip on a computer screen.

Things were very different when America owed the kind of dollars that couldn’t just be whistled into existence. By 1790, the new republic was in arrears on $11,710,000 in foreign debt. These were obligations payable in gold and silver. Alexander Hamilton, the first secretary of the Treasury, duly paid them. In doing so, he cured a default.

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What Gold Nationalization Really Means

Related info:

On This Day In 1933

Roosevelt Gold Confiscation In 1933: ‘No American Could Visit A Safe Deposit Box For Some Time Without A Government Agent Accompanying Him’


What gold nationalization really means (Sovereign Man, July 25, 2013):

July 25, 2013
Vienna, Austria

Gold owners are almost universally familiar with the story of Franklin Roosevelt criminalizing the ownership of gold back in 1933.

Executive Order 6102 was signed on April 5, 1933, and it forbade the “Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States.”

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On This Day In 1933

On This Day in 1933 ( The Circle Bastiat, June 13, 2013):

You were considered a hoarder and a slacker if you still resisted turning over your gold to the government. From the New York Times, June 13, 1933:

(Click on the image for a sharper picture.)

Roosevelt had only been in office for 101 days and while there was broad bipartisan support for inflationary policies in Congress, it’s safe to say that most of those who voted for FDR never expected him to confiscate private holdings of gold coins, bullion, and certificates. Roosevelt called the measure a temporary one (it wasn’t), and he followed it up by invalidating gold clauses in private contracts that obligated payment in gold dollars, which had the effect of devaluing the assets of bond and contract holders. Many of these hoarders and slackers purchased gold as a hedge against the (Fed-fueled) inflationary boom of the 1920s and then hung on to it during the Hoover years when his crazed and unprecedented interventions in wages and prices caused a normal market correction to devolve into a depression. Why would they trust Roosevelt any more?

They were smart not to. By January 1934, Roosevelt increased the dollar price of gold from $20.67 to $35, thus devaluing the dollar by 70 percent while increasing the value of gold that the government now owned.

Gold flowed to the United States because the new price exceeded the world price, causing Fort Knox to become, well, Fort Knox. Since the Treasury was authorized to maintain the new dollar-gold exchange rate, it increased the money supply accordingly. Over the next three years, M2 increased by an average of 13.4 percent a year. Congress and the president with strong ties to Wall Street got the inflation they wanted.

Queue the tape: “Happy Days Are Here Again.

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Roosevelt Gold Confiscation In 1933: ‘No American Could Visit A Safe Deposit Box For Some Time Without A Government Agent Accompanying Him’

Doug Casey on Internationalizing Your Assets (ZeroHedge, April 11, 2013):

You probably do remember that when Roosevelt confiscated gold in 1933, he also sealed safe deposit boxes in all US banks. No American could visit a safe deposit box for some time without a government agent accompanying him. That could certainly happen again.

And all of this is true in other countries around the world.

Related info:

– Governments Worldwide Are Implementing Orwellian Gold Confiscation Today. You Just Haven’t Realized it Yet.

What 40 Years Of Gold Confiscation By The US Government Looks Like

The Day The Government Seized Americans’ Gold – April 5th 1933

The Day The Government Seized Americans’ Gold – April 5th 1933 (ZeroHedge, April 9, 2013):

Alix Steele reports on the 1933 declaration by U.S. President Franklin Delano Roosevelt to have American’s turn in their gold on Bloomberg TV’s “Lunch Money”.

“80 years ago on April 5th, 1933, was the day that the federal government took all our gold and changed the precious metals as we know it,” said Alix Steel.

April 5th, 1933, FDR confiscated every gold coin, bar, or certificate and people had to turn in their gold to the Federal Government or else they would face a fine of $10,000 or 10 years in jail.  That is about $179,000 in today’s money.  You were able to keep a small amount or some rare coins and those that did give up their gold received about $20/oz.

“Why would the government do that?” asks Ms. Steel.  They did this for the following reasons:

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Pearl Harbor: Hawaii Was Surprised; FDR Was Not

Pearl Harbor: Hawaii Was Surprised; FDR Was Not (The New American, Dec 7, 2012):

On Sunday, December 7, 1941, Japan launched a sneak attack on the U.S. Pacific Fleet at Pearl Harbor, shattering the peace of a beautiful Hawaiian morning and leaving much of the fleet broken and burning. The destruction and death that the Japanese military visited upon Pearl Harbor that day — 18 naval vessels (including eight battleships) sunk or heavily damaged, 188 planes destroyed, over 2,000 servicemen killed — were exacerbated by the fact that American commanders in Hawaii were caught by surprise. But that was not the case in Washington. Comprehensive research has shown not only that Washington knew in advance of the attack, but that it deliberately withheld its foreknowledge from our commanders in Hawaii in the hope that the “surprise” attack would catapult the U.S. into World War II. Oliver Lyttleton, British Minister of Production, stated in 1944: “Japan was provoked into attacking America at Pearl Harbor. It is a travesty of history to say that America was forced into the war.”

Although FDR desired to directly involve the United States in the Second World War, his intentions sharply contradicted his public pronouncements. A pre-war Gallup poll showed 88 percent of Americans opposed U.S. involvement in the European war. Citizens realized that U.S. participation in World War I had not made a better world, and in a 1940 (election-year) speech, Roosevelt typically stated: “I have said this before, but I shall say it again and again and again: Your boys are not going to be sent into any foreign wars.”

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How Bad Was The Great Depression? (Video)

And this time it’s the ‘Greatest Depression’.


How Bad Was The Great Depression? (ZeroHedge, Sep 29, 2012):

To properly understand the events of the time (and to put them in today’s context), we believe, like the FEE, that it is factually appropriate to view the Great Depression as not one, but four consecutive downturns rolled into one. These four “phases” are: I. Monetary Policy and the Business Cycle; II. The Disintegration of the World Economy; III. The New Deal; IV. The Wagner Act. The first phase covers why the crash of 1929 happened in the first place; the other three show how government intervention worsened it and kept the economy in a stupor for over a decade. The following brief clip and article shine a light on how bad things were and what was done in the name of ‘helping’ – there are many shocking analogies for current government-inspired acts from taxation to protectionism to money-supply ‘tricks’.

Everyone has heard the sage observation of philosopher George Santayana: “Those who cannot remember the past are condemned to repeat it.” It’s a warning we should not fail to heed.


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Great Myths 2011 Final Web

Verified Warnings From Former U.S. Presidents About The ‘Invisible Government’ Running the U.S.

Verified Warnings From Former U.S. Presidents About the “Invisible Government” Running the U.S. With “No Allegiance To the People” (Conscious Life News, Aug 31, 2012):

Those who do not learn from history are doomed to repeat it.”- George Santayana

Past presidents of the United States and other high profile political leaders have repeatedly issued warnings over the last 214 years that the U.S. government is under the control of an “invisible government owing no allegiance and acknowledging no responsibility to the people.”

According to a half-dozen of our former presidents, one vice-president,  and a myriad of other high profile political leaders, an invisible government that is “incredibly evil in intent” has been in control of the U.S. government “ever since the days of Andrew Jackson” (since at least 1836).  They “virtually run the United States government for their own selfish purposes. They practically control both parties… It operates under cover of a self-created screen [and] seizes our executive officers, legislative bodies, schools, courts, newspapers and every agency created for the public protection.”

As a result, “we have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.”

The sources for the above quotes (and more) are listed below. All of the quotes listed in this article have been verified as authentic and have associated links to the source materials.  Also included below are statements made by David Rockefeller, Sr, former director of the Council on Foreign Relations (CFR), and Federal Reserve Chairman’s Alan Greenspan and Ben Bernanke that appear to confirm some of the warnings.

Warnings About the Invisible Government Running the U.S.

The warnings listed below, which appear in chronological order, began with our first president – George Washington.  The last president to speak out was JFK, who was assassinated.    Read what they and other political leaders have said about the invisible government.


George Washington wrote that the Illuminati want to separate the People from their Government

“It was not my intention to doubt that, the Doctrines of the Illuminati, and principles of Jacobinism had not spread in the United States. On the contrary, no one is more truly satisfied of this fact than I am. The idea that I meant to convey, was, that I did not believe that the Lodges of Free Masons in this Country had, as Societies, endeavoured to propagate the diabolical tenets of the first, or pernicious principles of the latter (if they are susceptible of seperation). That Individuals of them may… actually had a seperation [sic] of the People from their Government in view, is too evident to be questioned.” – George Washington, 1st President of the United States (1789–1797), from a letter that Washington wrote on October 24, 1798, which can be found in the Library of Congress.  For an analysis of Washington’s warning, see the article “Library of Congress: George Washington Warns of Illuminati

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What 40 Years Of Gold Confiscation By The US Government Looks Like

What 40 Years Of Gold Confiscation By The US Government Looks Like (Zerohedge, Aug 21, 2012):

The chart below, which is a time series showing the total “Gold Held by the US Treasury and the Federal Reserve” (which for all intents and purposes are interchangeable), demonstrates vividly the moment when the US government enacted Executive Order 6102, aka the “forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States” order which criminalized the possession of monetary gold “by any individual, partnership, association or corporation.” But not the government of course. Spot the moment after which gold confiscation by the US government (also known as USD devaluation) from its citizens was legalized.

The actual April 5, 1933 order, which in the coming years will make a repeat appearance with absolute certainty, is below.

What was the point of Executive Order 6102? It was two fold.

  • First, in order to make the confiscation legitimate, the US government required the delivery of all gold coin, bullion, and certificates to be concluded by May 1, 1933 in exchange for $20.67/ounce. Several months later, the new, official gold exchange price (which however was merely the government’s bid as nobody could actually buy gold at this price) became $35.00, which remained until 1971 when the last trace of the dollar’s pseudo convertibility into gold was wiped out by Nixon. In effect, what FDR did was to devalue the USD by 70% overnight.
  • Second, not only did the government remove the incentive for ordinary citizens to hold gold by establishing price and criminal controls over possession, it also changed the rules in the middle of the game allowing it to build up a massive gold hoard of over 8000 tons today which is maintained at Fort Knox, and is, to the best of our knowledge, unauditable by any mere mortal. Critically, it made the US government the sole source and monopoly agent of gold purchases, using reserve fiat currency it could print with impunity, beginning in 1933 and continuing through 1974 when the limitation on gold ownership was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373, which went into effect December 31, 1974. In summary, the US government, which is now the largest official holder of physical gold in the world, had 40 years of uncontested zero cost gold accumulation in which it could build a gold inventory that was second to none.

As for the process the government had in place to deal with those who refused to voluntarily hand over their gold quietly, curiously there was only one case of prosecution, which however should make it very clear that holding gold in “authorized” bank safes is about the dumbest thing one can do the next time the US government decides to devalue the dollar, and change the rules.

The circumstances of the case were that a New York attorney, Frederick Barber Campbell, had on deposit at Chase National over 5,000 troy ounces (160 kg) of gold. When Campbell attempted to withdraw the gold Chase refused and Campbell sued Chase. A federal prosecutor then indicted Campbell on the following day (September 27, 1933) for failing to surrender his gold. Ultimately, the prosecution of Campbell failed, but the authority of the federal government to seize gold was upheld, and Campbell’s gold was confiscated.

The fact that the custodial bank of the 5000 ounces of gold is the bank that would subsequently become JPMorgan is not lost on us.

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Alex Jones Interviews Webster Tarpley: The Rand Paul Fiasco – ‘The American System’ – Ron Paul – History – Greece (Video)

For your information.



YouTube Added: 11.06.2012

Waking Up For Beginners: They Warned Us! Maybe Now You Will Listen!


Added: 27.05.2011

Don’t miss:

Rep. Ron Paul: ‘The Fate Of The American Republic Is Now Sealed’ (May 25, 2011)

US: House Passes Authority for Worldwide War (ACLU) (May 26th, 2011)

Rep. Ron Paul: State of the Republic Address – ‘Dangerous Times Indeed.’

“The collapse of the financial system is still in its early stage.”

“The social unrest will illicit cries for the government to exert unusual force to head off a complete breakdown of law and order. The ultimate trap will be set for a system of government claiming to protect a free society.”

“If more power and police authority are not given to the Federal government, it will be argued that only anarchy will result. If more government policing power is given, it will mean a lethal threat to civil liberties.”

“We are rapidly moving toward a dangerous time in our history. Society as we know it is vulnerable to political and social unrest. This impending crisis comes as a consequence of our flawed foreign and domestic economic policies, a silly notion about money, ignorance about central banking, ignoring the onerous power and mischief of out of control intelligence agencies, our unsustainable welfare state and a willingness to sacrifice privacy and civil liberties in an attempt to achieve safety and security from an inept government.”

“Dangerous times indeed.”

“The only way that we can prevent blood from running in the streets is to offer a better idea of the proper role of government in a society that desires, first and foremost, liberty.”

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The Fed and the US government are destroying America:

America’s Impending Master Class Dictatorship! (MUST-READ!)

The CFR Controls American News/Media

Senate Proposes Increasing US Debt Limit to $14.3 Trillion: “If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus

US: Unfunded Benefits Dig States’ $3 Trillion Hole

Illinois enters a state of insolvency: ‘We’re close to de facto bankruptcy, if not de jure bankruptcy.’

The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street

Peter Schiff: The Lunacy of US Government Programs

– Former Dean of Harvard College Harry R. Lewis: Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?

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America’s Impending Master Class Dictatorship!

This article is a MUST-READ!

This is not a conspiracy. This is politics and economics.

Wake up America! You will lose everything, if you do not act NOW.

Prepare yourself for a complete controlled meltdown. The greatest financial collapse in world history.

A hyperinflationary depression. THE Greatest Depression.

The Fed and the US government are destroying America!

(More information at the end of the following article.)


“The people no longer have elected representatives; they have elected traitors.”

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By Stewart Dougherty

Stewart Dougherty is a specialist in inferential analysis, the practice of identifying historic and contemporary patterns and then extrapolating their likely effects upon the future. Dougherty was educated at Tufts University (B.A., magna cum laude), and Harvard Business School (M.B.A. and an academic Fellow).

FOREWORD: At certain times, focusing on the big picture is important not just for investment success, but for personal welfare, and even survival. We believe such times are here. It is estimated that 98% of Americans have never held a gold coin in their hands. Yet 100% of Americans regularly handle Federal Reserve Notes. From a contrarian standpoint, the financial message from those two statistics is clear. Even so, gold is much more than money or an investment medium; it stands for liberty and throughout history has facilitated escape and ensured freedom. Never having touched a gold coin is the monetary equivalent to never having breathed fresh air, felt the warmth of sunshine, looked up at the stars or risen from the gutter. Fiat Federal Reserve Notes are becoming nothing more than sewage decomposing in the vast, toxic septic tank of predatory Washington politics, epic Federal Reserve arrogance and error, blatant Wall Street fraud and outright Master Class plunder. Below, we outline America’s troubling and compounding predicament, and urge you to think about how to protect yourself from its consequences, both financially and personally.

Thanks to the endless barrage of feel-good propaganda that daily assaults the American mind, best epitomized a few months ago by the “green shoots,” everything’s-coming-up-roses propaganda touted by Federal Reserve Chairman Bernanke, the citizens have no idea how disastrous the country’s fiscal, monetary and economic problems truly are. Nor do they perceive the rapidly increasing risk of a totalitarian nightmare descending upon the American Republic.

One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.

According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day.

The government continues to dig a deeper and deeper fiscal grave in which to bury its citizens. This year, the federal deficit will total at least $1,600,000,000,000.00 ($1.6 trillion), which represents overspending of $4,383,561,600.00 ($4.38 billion) per day. (The deficit during October and November, 2009, the first two months of Fiscal Year 2010, totaled $296,700,000,000.00 ($297 billion), or $4,863,934,000.00 ($4.9 billion) per day, a record.) Using the GAAP accounting method (which is what corporations are required to use because it presents a far more accurate and honest picture of a company’s finances than the cash accounting method primarily and misleadingly used by the U.S. government), the nation’s fiscal year 2009 deficit was roughly $9,000,000,000,000.00 ($9 trillion), or $24,700,000,000.00 ($24.7 billion) per day, as calculated by brilliant and well-respected economist John Williams. (www.shadowstats.com) Fiscal Year 2010’s cash- and GAAP-accounting deficits will likely be worse than 2009’s, given government bailout and new program spending that is on steroids and psychotic.

Putting Fiscal Year 2009’s $9,000,000,000,000.00 ($9 trillion) deficit another way, 17% of America’s private wealth, accumulated over a period of 235 years, was wiped out by just one year’s worth of government deficit spending insanity.

Given this, is it any surprise that Treasury Secretary Geithner has announced that the release of the nation’s FY 2009 supplemental GAAP financial statements has been delayed? Remember, this is the same Secretary Geithner who bullied people to cover up the sordid details of the AIG, or more accurately, the taxpayer-funded, multi-billion dollar, Santa Claus bailout and bonus bonanza for Goldman Sachs. Do you really think this government, characterized as it is by fiscal and monetary secrecy, lies, chicanery, cronyism and stonewalling, wants the people to know what is actually happening? Obviously, it does not, so it hides from the public the inexcusable facts.

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Ron Paul: Be Prepared for the Worst

Quotes from the Great Depression


The large-scale government intervention in the economy is going to end badly.

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Any number of pundits claim that we have now passed the worst of the recession. Green shoots of recovery are supposedly popping up all around the country, and the economy is expected to resume growing soon at an annual rate of 3% to 4%. Many of these are the same people who insisted that the economy would continue growing last year, even while it was clear that we were already in the beginning stages of a recession.

A false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery was just around the corner. The economy and stock market seemed to be recovering, and there was optimism that the recession, like many of those before it, would be over in a year or less. Instead, the interventionist policies of Hoover and Roosevelt caused the Depression to worsen, and the Dow Jones industrial average did not recover to 1929 levels until 1954. I fear that our stimulus and bailout programs have already done too much to prevent the economy from recovering in a natural manner and will result in yet another asset bubble.

Anytime the central bank intervenes to pump trillions of dollars into the financial system, a bubble is created that must eventually deflate. We have seen the results of Alan Greenspan’s excessively low interest rates: the housing bubble, the explosion of subprime loans and the subsequent collapse of the bubble, which took down numerous financial institutions. Rather than allow the market to correct itself and clear away the worst excesses of the boom period, the Federal Reserve and the U.S. Treasury colluded to put taxpayers on the hook for trillions of dollars. Those banks and financial institutions that took on the largest risks and performed worst were rewarded with billions in taxpayer dollars, allowing them to survive and compete with their better-managed peers.

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