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In Wednesday's Wall Street Journal, Greenspan scribbled out a 1,500-word defense of his actions as head of the Federal Reserve, pointing the finger at everything from China's low cost workforce to the fall of the Berlin Wall .

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Bernanke is apparently following Lenin's supposed injunction - though there's no conclusive evidence he actually said it -- that the best way to destroy the Capitalist System is to debauch the currency.

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Northcote Parkinson, in Parkinson's Law: The Pursuit of Progress, 1958 .

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We should distinguish at this point between government and state .

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