Posted tagged ‘Ben Bernanke’

“Money For Nothing”, by Liberty Street Films. A Documentary Film About The Fed.

August 27, 2013

“Money For Nothing” is a documentary film about the Federal Reserve made by Liberty Films Inc. If it wasn’t for the Mises Institute, and Ron  Paul  hammering the Fed over many years, a film like this would have never been considered, let alone made. I don’t know how much truth, or what angle the documentary will take, but any light that can be shined on the Fed, making people curious about understand it, is a plus for liberty. Here is a trailer for the movie.

Here are some excerpts from the trailer.

“I don’t think that any of us that ever worked at the Fed take any comfort from the fact that somebody screwed up, but its important that we recognize there were some big mistakes made.” – Peter Fisher, Executive V.P. Federal Reserve Bank of N.Y. (94-01)

“Printing money doesn’t produce goods and services, it doesn’t hire people….It may seem like the right short-term medicine, but can the cure be worse than the disease in some cases.” – Charles Plosser, President Federal Reserve Bank of Philadelphia.

The United States has consumed more than it has produced for at least a decade. What country, ask yourself, in history can do that indefinitely forever.” – Tom Hoenig, President Federal Reserve Bank of Kansas City.

When asked in an interview, “You have what degree of confidence in your ability to control this“, Ben Bernanke said, “one hundred percent”.

This comment by the Fed chairman demonstrates what F. A. Hayek called, the “fatal conceit”, which is the idea that “man is able to shape the world around him according to his wishes”. A man, or a group of men, don’t possess enough knowledge to plan an ever-changing world.

As John Maynard Keynes wrote, “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” ,read more in Keynes Was Correct In 1919!

Here is a short clip from the movie.

It is supposed to open in limited markets in September, read more at,  moneyfornothingthefilm.org.

Related ArticleFederal Reserve Policy Makers Have An Incestuous Intellectual Relationship With Each Other, at austrianaddict.com

Related ArticleCounterfeiting by The Federal Reserve, Although Legal, Still Results In Theft, at austrianaddict.com

Related ArticleThomas Sowell’s Take On The Federal Reserve, at austrianaddict.com

Related ArticleReal Savings vs. Counterfeit Savings, at austrianaddict.com

Related ArticleA Tornado vs. The Fed, Which Is More Destructive, at austrianaddict.com

Related ArticleWe Can’t Recreate The Garden Of Eden, at austirnaddict.com.

Related Article, The Role Of Interest Rates In A Market Economy, at austrianaddict.com

Financial Markets Move When The Puppet Master Speaks.

July 15, 2013
♫Puppet on a String♫

♫Puppet on a String♫ (Photo credit: trawets1)

FINANCIAL MARKET MINIPULATION

The stock and bond markets were sent soaring last week when Fed chairman Ben Bernanke said more Fed stimulus was needed (read here). Three weeks ago Mr. Bernanke hinted that the Fed might start to taper its money injections and the stock and bond markets had a sell off. In an article I wrote on July 1, titled Incremental Steps To The New Normal, I said, “The sell off in the stock and bond market, the week of June 20th, at a hint by Ben Bernanke that he might ease out of Quantitative Easing in the not too distant or distant future, is evidence that the financial markets are a bubble activity blown up by the Fed’s double edge sword of printing counterfeit money and artificially lowering interest rates. We witnessed more evidence the following week when first Quarter GDP numbers were revised down. This started a rally in the stock market because investors know that if there are bad aggregate numbers, the Fed will keep electronically printing money…” . It’s not difficult to predict how investors will react to economic data, because they understand what the Fed will do in response to this data. (more…)

Incremental Steps To The New Normal

July 1, 2013

A bubble.BERNANKE SPEAKS, THE STOCK MARKET REACTS

The sell off in the stock and bond market, the week of June 20th, at a hint by Ben Bernanke that he might ease out of Quantitative Easing in the not too distant or distant future, is evidence that the financial markets are a bubble activity blown up by the Fed’s double edge sword of printing counterfeit money and artificially lowering interest rates. We witnessed more evidence the following week when first Quarter GDP numbers were revised down. This started a rally in the stock market because investors know that if there are bad aggregate numbers, the Fed will keep electronically printing money. Money going into the market is what drives the overall market upward. Understanding how these two sides of the Fed’s interventionist coin creates the artificial prosperity that eventually has to be liquidated, is very difficult because of the abstract nature of what is involved. We have been trying to explain these abstract concepts, in a variety of ways in order (more…)

We Can’t Recreate The Garden Of Eden.

April 1, 2013
English: Adam & Eve in garden of Eden Русский:...

English: Adam & Eve in garden of Eden Русский:  (Photo credit: Wikipedia)

The story of Adam and Eve is very instructive even if you don’t believe in God or the bible. If you remember, God created the garden of Eden for Adam and Eve to live in. It was a world of abundance where every need was met. The devil tempted man by saying “…you will surely not die. For God knows that the day you eat of it your eyes will be opened and you will be like God…”. The devil tempted man by saying “you will be like God”. When man sinned, God banished him from the world of abundance and placed him in the world of scarcity, decreeing, “…Cursed is the ground for your sake; in toil you shall eat of it….both thorns and thistles it shall bring forth for you….In the sweat of your face you shall eat bread….”. You don’t have to believe in God to understand that we live in a world of scarcity instead of a world of abundance. We all know that we must first produce, by the sweat of our brow, before we can (more…)

Random Thoughts And Other Thoughts by Thomas Sowell.

February 13, 2013
Intellectuals and Society

Intellectuals and Society (Photo credit: arellis49)

Read Thomas Sowell’s “Random Thoughts” column.

Here are a couple of samples.

“I can’t get excited by the question of whether Senator Robert Menendez had sex with a prostitute in Central America. It is her word against his–and when it comes to a prostitute’s word against a politician’s word, that is too close to call”.

“One of the talking points in favor of confirming Chuck Hagel as Secretary of Defense is that he was a wounded combat veteran. How does that qualify anyone to run the whole military establishment? Benedict Arnold was a wounded combat veteran!”

Now read two articles by Thomas Sowell titled “Prophets And Losses, and “Prophets And Losses II”. Dr. Sowell talks about what we have been discussing in the last few articles, (more…)