By Patrick J. Buchanan For the financial crisis that has wiped out trillions in wealth, many have felt the lash of public outrage. Fannie and Freddie. The idiot-bankers. The AIG bonus babies. The Bush Republicans and Barney Frank Democrats who bullied banks into making mortgages to minorities who could not afford the houses they were moving into. But the Big Kahuna has escaped. The Continue reading...
The Weimar Solution
Monday - March 23, 2009 at 11:58 pm
By Patrick J. Buchanan "The best way to destroy the capitalist system is to debauch the currency," said Lord Keynes. Ben Bernanke disagrees. A student of the Depression, the Fed chair appears far more fearful of deflation -- a vicious cycle of falling prices, debt defaults, home foreclosures and rising unemployment. Deflation is what America underwent in the 1930s. A Fed-created bubble Continue reading...
Liquidating the Empire
Tuesday - October 14, 2008 at 12:23 am
By Patrick j. Buchanan "Liquidate labor, liquidate stocks, liquidate the farmers." So Treasury Secretary Andrew Mellon advised Herbert Hoover in the Great Crash of '29. Hoover did. And the nation liquidated him -- and the Republicans. In the Crash of 2008, 40 percent of stock value has vanished, almost $9 trillion. Some $5 trillion in real estate value has disappeared. A recession Continue reading...
Day of Reckoning
Sunday - September 28, 2008 at 1:21 am
By Patrick J. Buchanan How did the United States of America, the richest nation on earth, whose economy represents 30 percent of the Global Economy, arrive at the precipice of a financial panic and collapse? The answer lies in the abject failure of both America's financial elite and the political elite of both parties -- the same elites now working together to determine how much of our Continue reading...
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