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« Charlie Munger Reveals His Secrets To Getting Rich | Main | Daniel Hannan On Cyprus: "Greece And Spain Are Next" »
Saturday
Apr062013

The Federal Reserve Debt Scam As Explained By 70s TV Show 'Good Times'

Good Times explains the Fed.

'All I'm doing is borrowing my own money, brotha!'

 

     

 

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Bonus show clips from Good Times:

Start watching at 1:15.

 

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Busting Thelma.

 

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Kid Dy-no-mite

 

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Theme Song - Acapella Version

LYRICS

Good Times.
Any time you meet a payment. - Good Times.
Any time you need a friend. - Good Times.
Any time you're out from under.
Not getting hassled, not getting hustled.
Keepin' your head above water,
Making a wave when you can.

Temporary lay offs. - Good Times.
Easy credit rip offs. - Good Times.
Scratchin' and surviving. - Good Times.
Hangin in a chow line - Good Times.
Ain't we lucky we got 'em - Good Times.

 

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Reader Comments (7)

It would be interesting to find out who was writing for that show back then. That sounds like a throwaway line, but there's clearly some thought behind it. I mean, who the hell makes jokes about the Fed unless he already has some interest in the Fed. That wasn't for nothing. Someone knew what he was doing.

Very cool find. Glad you posted that.
Mar 15, 2013 at 4:16 PM | Unregistered CommenterDr. Pitchfork
Pitch

It was just a lucky find on youtube. Agreed regarding the writers.

10 Facts You May Not Know about the TV Show, “Good Times”

http://blacklikemoi.com/2012/03/10-facts-you-may-not-know-about-the-tv-show-good-times/
Mar 15, 2013 at 4:58 PM | Registered CommenterDailyBail
That's Janet Jackson in the fourth photo.
Mar 15, 2013 at 11:04 PM | Unregistered CommenterArchie
Actually, they got it spot on. All he said was, we borrow money from the Federal Reserve. That's correct, isn't it. He fronts a bank.
Mar 16, 2013 at 12:18 AM | Unregistered CommenterHate the Fed
The show's explanation of the banking system is completely wrong. The Federal Reserve doesn't borrow money from the U.S. Government -- it is the other way around. And while banks CAN borrow money from the Federal Reserve, they mostly just create money themselves out of thin air with a journal entry whenever they make a loan.
Mar 16, 2013 at 2:53 AM | Unregistered CommenterDan
Dan

Under normal functioning our government does not borrow money from the Fed. The Treasury holds a bond or bill auction and the proceeds fund our government. It is only in the past 3 years that the Fed has begun buying Treasuries both at auction as well as in the aftermarket. This, along with buying MBS and agency debt, comprises QE as you know.

However, you are correct that the Fed doesn't borrow from the government, so they did get that part of the cycle wrong. The Fed historically has managed the money supply and interest rates and that's it. The concept of buying Treasuries is recent and temporary, and has been undertaken as a means of keeping interest rates low, part of their actual mandate. Do not confuse my explanation for support. QE is a mistake and Bernanke will eventually pay the price.
Mar 16, 2013 at 4:01 AM | Registered CommenterDailyBail
@Dan,

I believe it's important to add that the only reason banks are able to create money out of thin air and get away with it is because of the existence of The Fed that serves as a lender of last resort and because of Government enforced legal tender laws that force people to accept this inflated currency.
Mar 17, 2013 at 12:17 PM | Unregistered CommenterFred

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