What’s weird is that The Washington Post calls this a “surprising statistic.” We’ve been posting about this for 3 years.
I mean sure, but what does “massive” really mean? He could have said “super-duper colossal” bubble and that would have been way worse right? It’s not until we’re in super-duper bubble territory that we need to worry? Right?
Gee, where’d everybody go? I have some stocks and bonds I need to sell.
By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.
It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray Rothbard from (the original) Case Against the Federal Reserve
I actually posted a short clip of Murray Rothbard the other day as part of a post on Ayn Rand and since I’ve been on a bit of a Rothbard kick. He was an amazing political and economic theoretician and if you are not familiar with the man you should be. He is arguably the single most influential libertarian economist ever.
These are prime working years. This is clearly an indication that something is very amiss in our current economy.
If you want to see what happens when the Keynesian virus truly takes hold of an economy and a society check out Japan. The once juggernaut of economic power, The Land of the Rising Sun, is now a great example of economic and social zombification as Charles Hugh Smith illustrates below.
It took 1 generation.
Why do you think?
This video is from March of 2012 at the Mises Institute. In it Hunter explains why it is that the current economic regime is fundamentally corrupt and what to do about the situation.