(Clockwise from center: President Barack Obama, Fed Chairman Ben Bernanke, Representative Ron Paul, anonymous investor, President Grover Cleveland, President Andrew Jackson, President George Washington)
“When business in the United States underwent a mild contraction…the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. The ‘Fed’ succeeded;…but it nearly destroyed the economies of the world, in the process.
The excess credit which the Fed pumped into the economy spilled over into the stock market—-triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in breaking the boom. But it was too late:…the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence.
As a result, the American economy collapsed.”
–Alan Greenspan, ‘Gold and Economic Freedom’ (1966)…& former Fed Chairman (1987 – 2006)…describing the circumstances of the Roaring Twenties that led to the beginning of the Great Depression (1929).
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.
1. Inspired by this news article by Andy Bromage from the New Haven Advocate.
2. “You talking to me?” –Travis Bickle, as played Robert De Nero from the movie: Taxi Driver (1976). One of Robert’s most memorable scenes:
3. “In spite of all his imperfections…I”m a FAN OF MAN!!! I’m a humanist. Maybe the last humanist.” –The Devil, as played by Al Pacino in the movie: Devil’s Advocate (1997). One of his best performances. Judge for yourself: 4. “I will crush them.” –Jim Amann, a candid moment with a left-wing internet blogger. Besides being arrogant, apparently they also don’t like him for supporting Joe Lieberman. A video link:
5. Currently, there are (2) states experimenting with this idea of ‘Hollywood East‘ which creates tax incentives for studios to film here. I believe Massachusetts is the original state. Beginning in July 1, 2006, Connecticut followed suit.
6. ‘This note is not for legal bribes.’ Normally, a bribe is given to coax someone to bypass a law. In this case, money is legally bribing production studios to bypass the laws of economics.
7. One of the movies filmed in Connecticut is Righteous Kill (2008) starring Robert De Niro & Al Pacino which grossed a total of $78 million. For comparison, another movie staring these two stars is Heat (1995) grossing over $187 million worldwide.
(Top: Jim Amann, Democratic candidate for Governor of CT; Bottom: Robert De Nero & Al Pacino)
…as played by Al Pacino in the movie: Devil’s Advocate (1997)
1. Inspired by this news article from the Financial Times.
2. The Chinese conundrum goes something like this:
The newly formed China Investment Corporation allocated plus/minus $2 trillion dollars into foreign reserves…of this $1.7 trillion is in US currency…essentially putting all your eggs in one basket. Regardless of China’s real diagnosis of the American Economy now…they will continue to pay lip-service & will not back out of the American currency. As long as there is a glimmer of hope that their investments will be paid back, they will officially refuse to show that they made a humongous investment error! When the World Economy recovers…several years later…China may think twice about investing in the US dollar. In the meantime, all China is worried about now…is saving face.
3. Youtube video showing Titanic scene:
4. Behind the scenes still-frames from Titanic…1:34 in particular is regarding the ‘bow’ scene: http://www.youtube.com/watch?v=Zkc5HgY8A-g&eurl=http://www.chasingthefrog.com/catalog/video.php?vid=2030
5. For titanic boat information…for modeling reference: http://titanic-model.com/ including drawings: http://titanic-theshipmagnificent.com/TitanicRiggingPlan/
6. Anchor similar to one belonging to Titanic: http://www.anchormarinehouston.com/StocklessCh.html
7. Picture of Titanic sinking: http://www.mmem.spschools.org/2F.9798/Titanic/Titanic.Images/sinking.jpeg
8. Find pencil portraits of celebrities here…including one of Kate Winslet as Rose from the Titanic movie…supposedly drawn by James Cameron himself: http://celebritypencilportraits.blogspot.com/
“The essence of Keynesianism is its complete failure to conceive the role that saving & capital accumulation play in the improvement of economic conditions.”
–Ludwig von Mises, from ‘Planning for Freedom’
1. To read about the Great Depression from a free market point of view, here is a link to ‘America’s Great Depression‘ by Murray Rothbard.
2. M3 was one the ways America keeps track of the total money supply. It is the most accurate of all of the different money trackers: M0, M1, M2, & M3. In 2006, it was announced that M3 will no longer be published. The following is from John William’s website (www.shadowstats.com) which claims to continue to keep track of the M3, among other government statistics:
3. The formal definition of ‘inflation’ is the increase of the money supply. In doing so, if the amount of goods & services remains constant, our currency devalues…which leads to price inflation. Therefore, the M3 is a very useful indicator of the future of our economy. So why stop publishing it? For a great video explanation of ‘inflation’: http://www.chrismartenson.com/crashcourse/chapter-10-inflation
4. To track the progress of the Stimulus Bill: http://www.recovery.gov/
5. Our 44th President, Barack Obama, is Hawaiian. Our Federal Chairman, Ben Bernanke, is not. (He was born in Georgia.)
6. Is this an economic stimulus? Or is this simply another step towards something terrible?