I couldn’t believe my eyes when I read this. A Federal Reserve senior official, Thomas Hoenig, said this today: “I am confident that holding rates down at artificially low levels over extended periods encourages bubbles, because it encourages debt over equity and consumption over savings.” Whaa?? Someone in the Fed who actually understands the root cause of all of our economic woes and votes for policy against the system? I didn’t know such a person existed in the Fed. He is certainly in the minority, especially with the likes of former Fed Chief Alan Greenspan making remarks recently indicating he had little to do with any sort of macro-bubbles or creating any problems, a notion that Peter Schiff fiercely counters:
> Interesting links I've found lately 
- > CIA making secret payments to members of Karzai administration - Washington Post
- > Thousands seeking mortgage help line up at Palm Beach County Convention Center this morning - Palm Beach Post
- > More Are Waking Up To HFT Terrorism - Zero Hedge
- > Morgan Stanley Says Government Defaults Inevitable - Bloomberg
- > Brave New World: Can psychedelic drugs treat depression?
- > Federal Debt and the Risk of a Fiscal Crisis - CBO (PDF)
- > The Ecstasy of Empire - Infowars
- > The Perils of 'Wannabe Cool' Christianity - WSJ
