|Tim Geithner’s Stress Test: Can the Government Do No Wrong?
By Mark Skousen
Editor, Forecasts & Strategies
A few make an exception for the banking system itself, defending the government’s guarantee of money market funds, for example; otherwise, the whole system would have collapsed.
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I suspect the best solution was to do something in between these two extremes. To “do nothing,” the extreme Austrian position, would have resulted in a total collapse of our monetary system and probably would have caused chaos and rioting in all the major cities in the United States and most of the world. I doubt if it would have caused a return to the gold standard, but rather a discrediting of the capitalist model and a rise of totalitarian regimes.
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Geithner expressed concern about “moral hazard” and supported the growth in regulating the financial centers with Sarbanes-Oxley and Dodd-Frank legislation. The result is a series of troublesome characteristics of today’s financial system: too big to fail… and too big to sail… in sum, a slow-growth economy. There is no free lunch.
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New Orleans Investment Conference, Hilton Hotel, Oct. 22-25: Alan Greenspan and Charles Krauthammer are the headliners for this year’s grand-daddy of “hard money” investment conferences. I’ve been attending this annual gold bug reunion for nearly 40 years. This year, I will be giving a keynote address and a workshop on “My Most Successful Money-Making Strategy,” then moderating the closing panel. I’ll also be asking some tough questions of Mr. Greenspan. Other speakers this year include Doug Casey, Marc Faber, Peter Schiff, Rick Rule, the Aden Sisters, Gary Alexander, Martin Weiss, Robert Prechter, Frank Holmes, Adrian Day and Brien Lundin. I love New Orleans — come join me! Register online today or call 1-800-648-8411. Be sure to tell them you are a Forecasts & Strategies subscriber to get the “early bird” discount.