PODCAST: Why This Recession is Different

Welcome To The Lowest-Common-Denominator Society Authored by James Hickman via SchiffSovereign.com, For decades, Germany operated its rail system on an honor model. There were no turnstiles, no barriers. Passengers bought tickets, boarded trains, and conductors performed random spot checks to make sure everyone had paid. It was a system built on trust— and for a long time, it worked, because Germany was a fundamentally law-abiding society. That system has been fraying over the last several years as Germany aggressively imported millions of migrants who don’t respect the law. The most egregious example took place...

Warsh wouldn't be offered the job if he were a departure from the usual model of Fed chairs. He'll inflate plenty, especially when recession hits.