Posted tagged ‘Charles Plosser’

Central Planners Don’t See The Consequences Of Their Actions. Or Do They?

September 16, 2013
Cover of "Truth or Consequences"

Cover of Truth or Consequences


When central planners intervene in the economy, they either think their interventions, A) will help, B) know they won’t help but want to look like they’re “doing something”, or C) know what the result of the interventions actually will be and lie about these results to the public. This means they are either, A)  ignorant, B) politically self-interested, C) evil, or D) all of above. Here are some recent examples of intervention that have or will lead to consequences that are either known or unknown by the implementors of these plans. You decide if they are born out of ignorance, political self-interest, or evil. The central planning devil or angel should not be judged by their intentions, they should be judged by the consequences of their actions. The difficulty comes in sifting through all the propaganda, or spin, as they like to call it, and find the actual results of their actions. Understanding economic principles helps pull out the nugget of truth. (more…)

“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,

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