darlagang said: Collapses happen quicker than rises. The next financial crisis (and this may be the beginning of it) will occur with such rapidity and ferocity that mouths will be agape and reactions will be little more than frozen stares. Arguments over who might be to blame are, at best, silly, and actually, foolish. Raynor-Hills command of history and understanding of finance is extraordinary. HMK wants to believe that the FED's original mandate was [admirable]. Truth be told, the FED was created by Eastern bankers to control wildcat Western bankers who were making a fortune that they weren't able to participate in unless they they could halt the spread of independent banking. And they did. John Maynard Keynes helped them convince Congress that borrowing and spending was preferable to saving and producing. It all worked for about a century. But a century is not a long time in the grand scheme of things. Deflation is the classical economist's best known weapon... and they don't actually have to wield it, it wields itself with reckless abandon. It's only target is debt. Once debt is eliminated it sheathes itself. How long the weapon will attack the current global debt bubble is yet to be determined. But be assured, the debt-seeking sword will hack away until most debt is gone, be it years or decades. Those that understand can actually protect themselves, those that don't... well, the world will be very different place for them when the ravage is over.