Financial Armageddon founder Michael Panzner:
If I were Federal Reserve Chairman I would figure out why:
- The value of the dollar has declined more than 95 percent since the Federal Reserve was created in 1913, given that one of the Fed’s two mandates is to promote “long-term price stability” (the other is “full employment”);
- Many banks were allowed to loosen or abandon traditional lending standards, ramp up leverage, concentrate their credit exposure in risky sectors (e.g., commercial real estate), and skirt rules designed to protect the financial system, given that the Fed is charged with regulating and supervising the sector; and,
- Monetary policies ostensibly aimed at smoothing the peaks and troughs of the business cycle and ensuring that the U.S. economy remained on an even keel spawned numerous asset and credit bubbles and laid the groundwork for the biggest financial crisis this century.
After that, I would take Jim Rogers’ advice and call it a day.
Check out Michael’s book here:
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