When wheelbarrows are filled with useless paper. Commodities historically become the accepted medium of exchange.

When wheelbarrows are filled with useless paper. Commodities historically become the accepted medium of exchange. A stalwart of this basic reality, Alan Greenspan was a full blown laisezz faire capitalist. A direct disciple of Ayn Rand’s objectivist fundamental philosophy. He was very close with Rand. Even inviting her to his swearing in to Gerald Ford’s Council of Economic Advisors before eventually becoming The Chairman of the Federal Reserve from 1987 to 2006. His oversight on tax cuts and Social Security privatization were largely blamed as the catalyst that created the subprime mortgage crisis.

Now the Wall Street Journal Reports The Federal Reserve Bank of New York, once the most feared banking regulator on Wall Street, has lost power in a behind-the-scenes reorganization at the nation’s central bank. Jon Bowne reports on the warning signs leading up to the Fed’s apparent implosion.
“Laissez-faire capitalism is the only social system based on the recognition of individual rights and, therefore, the only system that bans force from social relationships. By the nature of its basic principles and interests, it is the only system fundamentally opposed to war.” Ayn Rand