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Federal Reserve Chairman – John Otis

Federal Reserve Chairman

Does anyone remember a strike or a protest by employees of banks or real estate companies? Builders and developers have paid ‘in black’ to their foreign construction workers, while their managers and shareholders are enriched in silence. This selective amnesia gives an idea of the lack of coherence of the neoliberal system that puts the state at the service of great interest, so intervene only when there is crisis. Those affected by fraud requires the Government Stamp Collecting Forum compensation for having ‘allowed’ to be in the market a fraudulent group. If he had, he would have been accused of ‘interventionist’ and deterring investors. Citizens who did not fall into the speculation game reminiscent of the silent investor interest when they obtained juicy without someone would have required. Not all citizens have been led astray by false promises of easy money and fast or have been tempted to live beyond their mortgage options. Not happy with the loss of jobs in the factories of brick or cement by the slowdown after the crisis.

Or by falling car sales, which may leave many jobless parents and mothers. However, we must learn from the crisis and make it challenging for the future. Perhaps the prices of houses and cars are above the potential of people who would buy if prices fell. Or maybe not necessary as many houses or bought as many cars as the economy ‘going well’, with financing plans that accelerated production and consumption of artificially and control. The law of the market is to produce what is sold and selling what is produced.

Paul Volcker, former Federal Reserve Chairman defines the crisis: “The underlying problem is that we have consumed in excess. U.S. consumption grew beyond sustainability, and did so because we have borrowed money, especially Asian surplus countries and, more recently, oil exporters in rich countries. But this can not last forever. ” Only a system based on speculation can maintain this level of consumption. To restore a sense of commerce and trade in products, it must live within our means and work for a better, more authentic and less fictional.