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Dr. Jones wanted us to create this blog post in his absence.
Many in the financial world are calling Janet Yellin's testimony today a Greenspan "Irrational Exuberance" moment because she described parts of the economy as "frothy". Will this put a wet blanket on the Bull Market's fire or did she go for the same ploy as pulled by Greenspan...to FAKE concern over frothiness only to kick the money printing into OVERDRIVE?!Knowing that the US wants nothing more than to destroy the global fiat monetary system because there is no other way to get out from under our massive debt burden - this all makes sense.Remember my article a few years back where Roota questions Greenspan about his control of the reigns of the monetary system...Here is an important excerpt:COMMISSIONER ROOTA: I'm going to get right to the guts of this hearing if you don't mind. Throughout the first part of your life you were the most avid gold bug on the planet but in the mid 1980's you sold out to the banking cabal and became gold's biggest enemy...why did you do it?GREENSPAN: I didn't. I have always been a die hard advocate of using gold as money and I continue to be so today.COMMISSIONER ROOTA: But you worked for the evil Federal Reserve Bank. You were the king of fiat money which is the opposite of gold...the only real money.GREENSPAN: Yes. I did work for the Federal Reserve bank but only at the calling of my country. You see, back in the 1960's and 1970's the United States of America was in the throws of a secret take over by a cabal of banking and industrial interests...and they were winning the battle. I was tasked with taking back the monetary system of our nation.COMMISSIONER ROOTA: That's about as far fetched a claim as I have ever heard.GREENSPAN: Is it really? Ask yourself a question: Who is the person most responsible for the crisis we are in today? If you are thinking it's me... YOU ARE RIGHT! And what do you think will be the final outcome of the monetary crisis? I'll tell you what the outcome is...the total destruction of all debt based monetary assets. Everyone will lose everything held by a 3rd party in a blink of an eye and we will return to our Constitutional Gold Standard. How's that for a gold bug!ENDAnd here is the entire transcript:Greenspan's Golden TestimonyWe are deep into the final battles my friends and this game is for ALL the marbles.The only way to win is to crash the system and pray that the people of the world have learned their lesson about Bankster bailouts and this time will just say "NO!"May the Road you choose be the Right Road.Bix Weir