When the run on the “Bank of the Dollar” begins in earnest, I expect that the People in this building will fully live-up to its namesake’s legacy, and that no deception will be beyond the pale to protect the interests of their firm. Indeed, one could argue that, from interventions in the Treasury and currency markets to the suppression of precious metals prices, they are already heavily engaged in the practices that made Marriner Eccles reputation. I seriously doubt, however, that the Chinese or others will be fooled by their parlor tricks.
Today, the People who go to work at the Federal Reserve Bank of New York walk through the doors of the Marriner Eccles building, a grand structure named for a man whose reputation was built on tricking and deceiving People about the genuine risk of losing their hard-earned life savings... and the greater the risk, the more elaborate was his deception to hide it. Somehow fitting, don’t you think?
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