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Female Fed Tin-Hatter: Maybe Just A Bit Over The Top (Clip)

She had me when she said both political parties were corrupt.  But something about the office decor, and her (extra) enunciation kept me back.  Fed conspiracy theorists need to pay more attention to presentation in their efforts to win converts.  Thomas Paine eats slow-talking, Fed tin-hatters for breakfast, lunch, dinner and snacks.  That guy can rouse a rabble.

Here are my questions:

What currency (commodity) do the foreign owners of the Fed have their booty stashed in?  Because it can't be the Buck with the Fed balance sheet explosion. 

How does the secret cabal actually feel about Bernanke's partial funding for the $14 trillion bailout-backstop? 

And their thoughts on the debt monetization experiment shrouded in quantitative easing? 

And since Lehman was (is?) one of the owners of the private Federal Reserve, why were they unable to orchestrate their own bailout?  Why did the Fed say no to one of its owners? 

And what happened to Lehman's ownership stake in the Fed when they filed for bankruptcy?

I question because I care.  I'm in the anti-Fed camp in a general sense borne of an antipathy for bailouts and a residual loathing for the AIG-Goldman rescue and payouts at par, orchestrated by Bernanke.  So I'm on your side in this battle.  I see Bernanke as a deluded Keynesian who has spent his life studying and promoting a useless theory.  Plus he missed the housing bubble, failed to adequately reguate Wall Street, and yet is still treated heroically by the MSM. 

But I still have questions, another being the following: if we went to a gold-based monetary system again and eliminated fractional reserve lending, what would replace credit creation as a driver of growth?

Before you watch the 2nd clip, as a disclaimer let me say: pay your taxes to the IRS.  I do not endorse the not-so-subtle assertion that the IRS is unconstitutional.  I'm basically resigned to the cold reality that until a younger Ron Paul appears on the scene, wins the Presidency and cuts the federal government by 50%, we're gonna have to live with big government and big taxes.




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Reader Comments (6)



Jun 25, 2009 at 11:01 AM | Registered CommenterDailyBail
Q: "But I still have questions, another being the following: if we went to a gold-based monetary system again and eliminated fractional reserve lending, what would replace credit creation as a driver of growth?"

A: savings---> investment----->innovation---->growth
Jun 25, 2009 at 2:58 PM | Unregistered CommenterJuan

Well let's say I needed $500 million for an electric car plant...the competition to get that loan would be fierce without fractional reserve lending, FRL?

My point is that we should abolish the FED but not do away with FRL...we need credit creation in a well-functioning economy, but NOT one controlled by a private bank like the FED.
Jun 25, 2009 at 6:11 PM | Registered CommenterDailyBail
@ DB
The discusstion gets somewhat ideolgical from there. I believe that w/o FRL you wouldn't need $500 mil for a elec car plant.
FRL expands the money supply by allowing multiple parties to claim "ownership" of the same $$. expanded $$ supply is the inflation that leads to higher prices.
Doing away with FRL would lead to massive asset price delfation and thus will not happen, at least until the current system fails. I think those calling for an end to FRL generally believe that the recent financial crisis, and the govt's response to it, are hastening the failure of the current system
Jun 26, 2009 at 12:34 PM | Unregistered CommenterJuan
also, a system w/o FRL isnt a system w/o credit. But it is certainly a system with a lot less of it.
Jun 26, 2009 at 12:40 PM | Unregistered CommenterJuan
Silicon Valley would never have happened without FRL.
Jun 29, 2009 at 5:24 AM | Registered CommenterDailyBail

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