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MUST SEE: James Grant Says The FED Should Be Required To Create A Living Will, Thusly He Appoints Ron Paul As Executor Of The FED's Estate (Brilliant Interview)

Video:  James Grant with Bloomberg -- Oct. 3, 2010

Editor's note:  This is one of the best clips I've seen in months (out of thousands).  Set aside a few minutes to watch the entire thing.  Fascinating Federal Reserve history lesson in the 2nd half, and the first half is a freaking riot.

When even cool, calm and collected pundits like Jim Grant fall into murderous paroxysm of blind rage when discussing the Fed, you know it is only a matter of time before the world's most destructive organization is eliminated.

Grant is a graduate of Indiana University.



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Grant's monster quote:

"H. Parker Willis was present at the creation of the Fed, he was one of the draftsmen of the Federal Reserve Act of 1913. Willis was also the first secretary of the Federal Reserve Board -- he knows this institution. He wrote a book in 1936, which was a lamentation about the low estate of Central Banking in America, the Fed had lost its way in 1936. It had opened its doors in 1914 and by 1936 it had eaten the forbidden fruit, it was in the business of guiding the economy, of managing the economy, of manipulating this aggregate and that, and Willis said: "For Pete's sake. You can't know that -- the GDP data are not reliable enough for you to do what you think you are doing." It's a wonderful tract against the tendency of the Fed to do what it has so lethally done to this economy in my opinion, which is to steer us, in the interest of raising the GDP it presses interest rates to zero, pouring out immense volumes of econometric studies in support of this dubious enterprise. Hey Fed: just attend to the dollar, that's it, no inflation, just do one thing! You've heard of mission creep, these guys are the mission creeps par excellence."



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H. Parker Willis

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Reader Comments (18)


Like Parker Willis, I was a professor myself before coming to the Federal Reserve Board. One topic of particular interest to me as a researcher was the performance of the Federal Reserve in its early days, particularly the part played by the young U.S. central bank in the Great Depression of the 1930s.1 In honor of Willis's important contribution to the design and creation of the Federal Reserve, I will speak today about the role of the Federal Reserve and of monetary factors more generally in the origin and propagation of the Great Depression. Let me offer two caveats before I begin: First, as I mentioned, H. Parker Willis resigned from the Fed in 1922, to take a post at Columbia University; thus, he is not implicated in any of the mistakes that the Federal Reserve made in the late 1920s and early 1930s. Second, the views I will express today are my own and are not necessarily those of my colleagues in the Federal Reserve System.
Oct 6, 2010 at 5:32 PM | Registered CommenterDailyBail

Grant's website...
Oct 6, 2010 at 6:14 PM | Registered CommenterDailyBail
Oct 6, 2010 at 6:17 PM | Registered CommenterDailyBail
In a tough market, home sellers feel discouraged


These people are so fucking clueless...
Oct 6, 2010 at 6:19 PM | Registered CommenterDailyBail
The Holdouts

Some of the nation's wealthiest home sellers refuse to lower their asking prices. 'I feel the property is worth every penny.'


More bubble idiots...
Oct 6, 2010 at 6:22 PM | Registered CommenterDailyBail
Oct 6, 2010 at 6:26 PM | Registered CommenterDailyBail
Cooking the Bailout Books...

Is anyone tracking the true costs of the bailouts? Including the Fed bailouts?

First came the original financial-sector rescue after the 2008 collapse of Lehman Brothers, which has so far shifted an estimated $3.7 trillion in banks’ losses and problem assets to the taxpayers’ bill in the U.S. alone. Newsweek


The Treasury Department expects to lose $29 billion on the federal bailouts stemming from the financial crisis, with most of the losses in its housing finance program and the auto rescue. NYTimes
Oct 6, 2010 at 6:44 PM | Unregistered CommenterZ
Not to mention...Lenders across Europe and the US are facing a $4 trillion refinancing hurdle in the coming 24 months and many still need to recapitalise, the Washington-based organisation said in its Global Financial Stability Report. Governments will have to inject fresh equity into banks – particularly in Spain, Germany and the US – as well as prop up their funding structures by extending emergency support.

Oct 6, 2010 at 6:46 PM | Unregistered CommenterZ
Why is the truth so hard to find, why does the media keep telling bailout lies???

Today, the Real Economy Project of the Center for Media and Democracy (CMD) released an assessment of the total cost to taxpayers of the Wall Street bailout. CMD concludes that multiple federal agencies have disbursed $4.6 trillion dollars in supporting the financial sector since the meltdown in 2007-2008. Of that, $2 trillion is still outstanding. Our tally shows that the Federal Reserve is the real source of the bailout funds.

CMD’s assessment demonstrates that while the press has focused its attention on the $700 billion TARP bill passed by Congress, the Federal Reserve has provided by far the bulk of the funding for the bailout in the form of loans amounting to $3.8 trillion. Little information has been disclosed about what collateral taxpayers have received in return for these loans, sparking the Bloomberg News lawsuit covered earlier. CMD also concludes that the bailout is far from over, as the government has active programs authorized to cost up to $2.9 trillion and still has $2 trillion in outstanding investments and loans.

Oct 6, 2010 at 6:55 PM | Unregistered CommenterZ
The Fed bought $1.7 trillion worth of Treasury and mortgage debt in a program that ended in March. The purchases helped push mortgage rates to historic lows.

Oct 6, 2010 at 7:23 PM | Unregistered CommenterZ
Outstanding links z...thanks...i've seen most of it but some was new to me...
Oct 6, 2010 at 9:55 PM | Registered CommenterDailyBail
The point of the links is that the Obama Administration is floating the idea that TARP will only cost $29 billion. You have trashed TARP for a long time, were you wrong or are the numbers and methodology wrong?
Oct 7, 2010 at 12:17 AM | Unregistered CommenterZ
z...way more complicated than that...first have you been reading any of the stories from pitchfork on the truth about TARP...?...second i think Treasury's numbers are wrong...about $180 billion still hasn't been paid back...third, TARP kept failing banks alive that deserved to die...and it kept wall street in the business of paying bonuses...i don't have time to go into this in detail...but suffice it to say that moral hazard now rules the land...and much of that is due to TARP...

did you watch the jim grant clip....you'll find some answers in there....
Oct 7, 2010 at 1:13 AM | Registered CommenterDailyBail
I am not wrong and you are correct, I don't read Dr. P's stuff. The problem with the $29 billion number is that the Obama Administration is trying to split the TARP in two. The Bush portion of the TARP is being ignored.

My next point is that the Fed's ongoing bailouts and the Obama Admin spending are being ignored. They know that nobody will remember the details, only that Sarah Palin spent a lot on her outfits during the campaign. TARP is just a category that conveniently ignores the other vast spending that is used to make TARP bailouts look like good investments. TARP is a sad selling point for the government. It was always their intention to make TARP a success. I don’t need Dr. P. or you to tell me that.

A site like yours should have a standing tally of the bailouts or at least a link to a site that does (if there is one) tally the entire mess. I know how complicated it is but I am not talking about the politics behind the money. I am talking about the hard cold facts and the timing of the events. Yes, the Treasury numbers are wrong. I would not be surprised if the Treasury and the Feb have off balance sheet entities. We know that the Fed has many central bank balance sheets to use that are not consolidated.

To be very honest, I don't trust you and I really don't trust the journalistic integrity of Dr. P. Don't get me wrong, I really do enjoy your site for what it is. In fact, I would be very bored if the site was not so unfair and unbalanced. I do wish others from the right were encouraged to visit the site and comment. I came to your site when you weren’t so slanted to the left. If I came to your site now with all the Jon Stewart and unfair and unequal attack on conservatism, I would have passed it by.

Finally, I find your insults sad and pathetic. You have always had an elitist attitude about your site, maybe that is a good thing. Maybe that is what a person with a site like yours needs in order to pare down the vast amounts of information. You also have a few people who visit and post their thoughts and beliefs that obviously are more emotional that factual in their comments. I enjoy that part too.

I did and do my own research, I don’t need Jim Grant. We both know that the Obama Administration, the one that promised transparency and simplicity in words and actions is full of shit. We both know that Volcker and Bernanke have a different agenda than what is good for this country. We both know that Obama struggles to understand which macroeconomic principles he is violating. My opinion is that you need to dump Dr. P. I am glad it is helping you but it is not improving your site. Fighting with that guy Mark who made no points and started and ended with silly remarks about Janet Tavakoli was a crazy read for me. I didn’t get it.

It’s your site and it’s a great site. I will continue to enjoy what I can of it and leave when it no longer educates or entertains me. I thank you for that. I think that this site would explode if you did one of two things. You could just become Huffington Post or you could hold back on some of the dog and pony show leftist catnip. Here is a third, post from the fiscal conservative center and then have column heading links to more leftist dogma and mocking right dogma. You might even try to appeal to the majority every now and then however hard it is for you. Words, just words.
Oct 7, 2010 at 1:22 PM | Unregistered CommenterZ
z...your perceptions are warped...and i don't have the time nor the inclination to respond...
Oct 7, 2010 at 2:04 PM | Registered CommenterDailyBail
but now that i know that you don't read most of the stories i'm going to start pulling all of your off-topic michelle my belle, obama's a muslim, birth-certificate posts...your free reign to post links has now been revoked...this is not a dumping ground for your warped view of the world...if you're going to remain an asshole after all these months (and your response above shows that you indeed still are an asshole), then i will no longer be cordial...
Oct 7, 2010 at 2:24 PM | Registered CommenterDailyBail
z...well you proved once and for all that michael savage and laura are idiots...i only listened to 3 minutes of part 2....convoluted conspiracy theory revolving around cris cox...

savage is another idiot who doesn't even understand finance...he knows nothing about short selling or the uptick rule or its history...he was just regurgitating nonsense...keep that shit off my site...videos are now removed...
Oct 8, 2010 at 8:05 PM | Registered CommenterDailyBail

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