IOUSA premier - Greenspan clip

Here's an I.O.U.S.A. clip of Alan Greenspan:

It premieres tonight (Thurs Aug 21) at 8pm across the country, including in Manchester and Branford. Tonight's 8pm showing will be followed by a live conversation with Dave Walker, Warren Buffett and others. I hope I see you there!

On the video though... I disagree with Greenspan and agree with Ron Paul.

Greenspan asserts "if fiscal policy is lax or savings are exceptionally low, there is nothing monetary policy are any central bank can do about that."

I disagree. For instance, look at the banking bailout brought on by the mortgage meltdown.

Secretary Paulson got Congress to agree to allow the Treasury to "loan" Fannie/Freddie billions of dollars. But where do those billions of dollars come from?

As I understand it... the central bank (and its monetary policy) acts as an enabler in this case. That is, without a complicit central bank (with supposedly disinterested bipartisan appointees), none of those loans would be possible. Or in other words... if the central bankers (Bernanke, Greenspan, Volker, etc.) has the will to tell the politicians (Bush, Pelosi, Clinton, Gingrich, etc.) "NO!" then the irresponsible fiscal policy of The Federal Government would have to end.

Tim White