Lawrence J. Kramer

The American Crisis and the Case for an Inflationary Depression

"The recent economic collapse can be traced to Alan Greenspan's extremely dovish interest rate policies in the 1990s, which led to artificially strong growth in America's economy."

Not hardly. The collapse can be traced to the trade deficit, exacerbated by the oil bubble. With all those dollars looking for a home, we had to pretend there was value here for them to buy. So we said that homes were worth what people paid for them, even though they paid with liars' loans. Then, the AAA paper backeed by the stupid loans proved not to be AAA after all. Duh. That seized up the credit markets, and it has nothing to do with artificially low interest rates. (The flood of petrodollars looking for dollar investments guaranteed that rates would be low, whatever the Fed did.)