I took this photo from the windows of Millennium Hotel on July 4th, 1999. Stealth Bomber flyover next to Twin Towers.
Not too long ago Alan Greenspan was considered the most powerful man in America yet in light of the current crisis his legacy is wounded. He is attributed with flooding the economy with cheap credit that cased the current severe bubble. Yet in defence of Mr. Greenspan there were two ominous events not of his making.
First there was the imaginary Y2K craze and panic. Everyone was expecting digital Armageddon in 2000 and even in 2001. Nothing happened but Greenspan wanted to cushion the global glitch by loosening up the credit. This caused the DOT com bubble to inflate and finally pop.
After the 9/11 Greenspan again oversupplied the economy with greenbacks. He was afraid the economy would struggle; this money policy ultimately led to the housing bubble the current global depressions.
The terrorists on 9/11 did not expect to bring down the Twin Towers. But if you consider the subsequent response by the Federal Reserve, perhaps they did caused the bubble and now depression. Perhaps the terrorists brought down much more that the towers; indeed they might have case the current depressions.
One should be very careful about the symbolism of names. Indeed when one destroys “World Trade Center” the world’s economy might follow.
Tall Ships in town for the holiday.
- Further Reading:
- The American Inequality Curve
- Israel as a Judicial Dictatorship
- Poison in the Death of Caravaggio and Alan Turing
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To my knowledge there were no disruption whatsoever.