In late 2007, as the housing crisis was hitting a peak, would Martin Feldstein be gearing up to suggest further reductions in interest rates to promote consumption? Would he be looking to suggest homeowners with some equity left in their homes to be stimulated to take the interest savings and spend away the last of their wealth? Well, that appears to be the case.
Feldstein, a Professor of Economics at Harvard University, serving as chief of the National Bureau of Economic Research from 1967 to 2008. He also served under Ronald Reagan.
But, what is most sinister will not likely appear on his resume – his ongoing Bilderberg presence. He was an attendee for 2010 in Spain, and perhaps most significant, in 2007 (Turkey), just before the credit crisis in the U.S..
In the video below, we can observe Feldstein selling the Bilderberg agenda to the Council on Foreign Relations (CFR) later in 2007.
Did his view of fiscal policy support what was about to come? Was it his view or the agenda imposed by Bilderberg?
According to Feldstein, in order to further stimulate the economy, he stressed the Fed should lower the Fed Fund Rate to help ease pressure on adjustable rate mortgages, allowing homeowners’ to be “able to access more funds”, to spend more. His reasoning – the U.S. economy is dependent on consumption, representing 70% of the U.S. GDP (Gross Domestic Product).
Translation – savings bad!
Feldstein would have no doubt stood behind the value of adjustable-rate mortgages as a means to effect consumption, but when the collapse hit, Americans were put in a far worse financial position. And since savings were not promoted (with low interest rates), there was little security to fall back on. Can we see this as the plan of the elites?
Moving in to 2008, with the problems for Americans with adjustable rate mortgages already taking a toll on their wealth, Feldstein was promoting the further tapping of wealth in favor of consumption.
The sub-prime mortgage scandal reduced wealth for Americans and was devastating. The Bilderberg agenda is to effect further waves of wealth transfer from citizens to the banks, and Feldstein seems to suggest this strategy in his address to the CFR.
When listening to economists speak, it is easy to get lost in the rhetoric. As mentioned in the Niall Ferguson piece of the other day, we need to focus on the roles each Bilderberger has brought to the table to effect the Bilderberg Agenda. We must continue to cut through the rhetoric, and expose the implementation of the plan. We must examine the players in the Bilderberg empire, and the damage they have promoted.