Free Capitalist Network - Community Archive
Mises Community Archive
An online community for fans of Austrian economics and libertarianism, featuring forums, user blogs, and more.

The diametrical opposite of the famous Schiff compilation video

rated by 0 users
This post has 10 Replies | 3 Followers

Top 25 Contributor
Male
Posts 3,260
Points 61,905
ForumsAdministrator
Moderator
Staff
SystemAdministrator
Daniel James Sanchez Posted: Sat, Jul 18 2009 3:23 PM

Bernanke before the bubble burst: as embarrassingly wrong as Schiff was uncannily right.  Could their differences in economic understanding have anything to do with such a remarkable dichotomy?

"the obligation to justice is founded entirely on the interests of society, which require mutual abstinence from property" -David Hume
  • Filed under:
  • | Post Points: 35
Top 500 Contributor
Male
Posts 168
Points 2,295

This is what your taxes buy you. You just can't make this kind of shit up.

  • | Post Points: 5
Top 25 Contributor
Male
Posts 3,260
Points 61,905
ForumsAdministrator
Moderator
Staff
SystemAdministrator

I've transcribed the video here.

"the obligation to justice is founded entirely on the interests of society, which require mutual abstinence from property" -David Hume
  • | Post Points: 20
Top 25 Contributor
Male
Posts 2,959
Points 55,095
Spideynw replied on Sat, Jul 18 2009 6:13 PM

He is such a loser. 

At most, I think only 5% of the adult population would need to stop cooperating to have real change.

  • | Post Points: 5
Top 25 Contributor
Male
Posts 3,113
Points 60,515
Esuric replied on Sat, Jul 18 2009 7:27 PM

Gold at 642 and silver at 13.7, hm...... Now might be a good time to get back into silver.

"If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion."

  • | Post Points: 5
Top 25 Contributor
Male
Posts 3,260
Points 61,905
ForumsAdministrator
Moderator
Staff
SystemAdministrator

Lilburne:
I've transcribed the video here.

I've fleshed out my commentary on the transcription to make it more of an actual article.  It's up on Mises today as a Daily.  One of the things I added was the following bit at the end:

But even the most powerful and sequestered bureaucrat is not completely invulnerable. The Federal Reserve Transparency Act and the End the Fed movement have ruffled the Fed's feathers enough that Bernanke actually felt the need to address the public in a "townhall forum" to be broadcast on the News Hour. According to NPR,

after the forum was over, a Fed employee passed out souvenirs, an unintended metaphor perhaps for what some fear Bernanke's aggressive policies may eventually do to the currency: shredded cash.

The Fed employee, who apparently suffers from a defective sense of irony, was even recorded saying, "Here, you want money?" and, "Here's some free shred folks, thanks for coming by, we appreciate it,"

No, no, thank you and your boss, Mr. Fed employee. Within the space of days, we've been provided, courtesy of the Fed itself, with footage that perfectly distills the complete failure of Fed forecasting and planning, and audio that encapsulates splendidly the only thing that the Fed actually accomplishes: the destruction of money.

"the obligation to justice is founded entirely on the interests of society, which require mutual abstinence from property" -David Hume
Top 10 Contributor
Male
Posts 11,343
Points 194,945
ForumsAdministrator
Moderator
SystemAdministrator

Nice work Lilburne.  I'm really pleased Jeffery has added you into the Daily Article mix.

"When you're young you worry about people stealing your ideas, when you're old you worry that they won't." - David Friedman
  • | Post Points: 20
Top 25 Contributor
Male
Posts 3,260
Points 61,905
ForumsAdministrator
Moderator
Staff
SystemAdministrator

Thanks LS; it's been exciting.

Here's some other really nice comments this piece has gotten...

I read just about every daily article from Mises.org. Not being an economist, some of these editorials plunge into deeper waters than I dare tread. But every now and then, someone posts an article which clearly demonstrates – in layman’s terms – the fallacy of our current economic leaders and the strength of the Austrian philosophy. I believe this is such an article.

and

I agree with Sweet Liberty in that this article is simply outstanding!! Thank you to the author(s).

and

Thank you for your articles about the folly of Paul Krugman, Paul McCulley and now Ben Bernanke. They were very funny, educational and entertaining.

Since my working introduction to the history of inflationists piece I was going to write (the economists vs. cranks argument) has been considered by many here to be too bold, I'm thinking of instead writing for my next piece a comparison between the Ron Paul/Bernanke struggle over the Fed going on now and the Andrew Jackson/Nicholas Biddle struggle over the Second Bank of the United States.

"the obligation to justice is founded entirely on the interests of society, which require mutual abstinence from property" -David Hume
  • | Post Points: 20
Top 10 Contributor
Male
Posts 11,343
Points 194,945
ForumsAdministrator
Moderator
SystemAdministrator

I think Ron Paul, Peter Schiff and Tom Woods have proven that there is a market for Austrian oriented criticism of the system written for laymen.

In fact, I would argue based on Woods', Paul's and Schiff's book sales, that it is a lucrative private market, and more than capable of sustaining itself without state subsidy.

"When you're young you worry about people stealing your ideas, when you're old you worry that they won't." - David Friedman
  • | Post Points: 20
Top 25 Contributor
Male
Posts 3,260
Points 61,905
ForumsAdministrator
Moderator
Staff
SystemAdministrator

From my blog...

Somebody did a cool "mashup" (defined in Wikipedia as "a digital media file containing any or all of text, graphics, audio, video and animation drawn from pre-existing sources, to create a new derivative work") of my Mises.org article on Ben Bernanke's embarrassing prognostications.

This is a neat example of "Web 2.0" (distributed, participatory media on the internet) actually doing some good.

"PaulWilliamsWorld" painstakingly found the most telling footage of Bernanke's wretched economic forecasting and spliced them together.

Then, I transcribed the video and added Austrian analysis.

And now "confederalsocialist" has redone the original video, splicing in a reading of my analysis following each relevant Bernanke clip (see below).

The three of us are complete strangers and none of us are members of the media establishment, yet we have spontaneously collaborated to progressively add value to each other's products, and have thereby spoken truth to power and have spread that truth to thousands of people.

Individuals don't have to rely on the corrupt mainstream media anymore.  With the internet, the ideas of freedom can, to some degree, get around establishment gate-keepers and spread by virtue of their truth-value.  This new possibility is a ray of hope shining through the darkness of the rising state.

"the obligation to justice is founded entirely on the interests of society, which require mutual abstinence from property" -David Hume
Top 200 Contributor
Posts 377
Points 7,180
Ansury replied on Mon, Aug 17 2009 2:38 AM

liberty student:

In fact, I would argue based on Woods', Paul's and Schiff's book sales, that it is a lucrative private market, and more than capable of sustaining itself without state subsidy.

Without subsidy?  No, never!!!  Big Smile

I agree, esp. considering the fact that I've bought at least one book from each of the above...

  • | Post Points: 5
Page 1 of 1 (11 items) | RSS