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Money, Banking and the Federal Reserve
<< Money, Banking and the Federal Reserve
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The 56 Trillion Dollar Deficit: Bill Maher Interviews Fmr. Comptroller General David Walker >>
"The Fed virtually controls the nation's monetary system, yet it is accountable to no one.
It has no budget, it is subject to no audit, and no Congressional Committee knows of, or can truly supervise its operatoins."
It has no budget, it is subject to no audit, and no Congressional Committee knows of, or can truly supervise its operatoins."
Nov 27, 2006 4:27 PM
Re: Money, Banking and the Federal Reserve
middle class incomes have been steadily declining since the dawn of man. life sucks for you and now your children are doomed to an even worse economic crapfest. who's to blame? the monetary system, stupid!
pure propaganda. i love it!
pure propaganda. i love it!
By: bobolifoo
Re: Money, Banking and the Federal Reserve
Invest in gold, support the Republicans... It doens't really matter. The whole point is that this is some biased-ass material. And that's what makes it awesome.
By: Oh-Deeh
Re: Money, Banking and the Federal Reserve
I thought it was rather informative. I did not recognize anything stated as false. Perhaps you could back up your opinions with an example?
The "gold standard" doesn't have to be gold. It can be any material that is quantifiable and non-produceable. It works because there is a set amount/quantity which the value of the currency is measured against.
By: TheInquisitor
Re: Money, Banking and the Federal Reserve
A piece need not be false, not even in part, to classify as propaganda. Rather, it need only represent one side of an issue without fair consideration of opposing points, and do so with the exclusive intent of convincing an audience to align with one’s goals. Let’s look at just some of the more glaring examples of how this video might qualify as propaganda… First, it’s pretty clear that the producers of this piece are trying to convince the audience to ‘side’ with them. In the closing commentary, the narrator asks, “What sort system do we want for our families? Don’t we want prosperity and security that we can hand over to future generations…,” citing the gold standard as this key to stability and prosperity. But language like that alone would only classify this as an argumentative piece. The unfair bias, then, is clear in how the producers hardly bring to light any contradicting arguments; or in the absolute language they use. The Great Depression, according to the producers, was caused by fractional banking alone. They fail to examine key factors such as labor force problems, continental-scale drought, improper federal deficit spending, over reliance by the public on the use of debt, or the abrupt decline in trade during the 20’s and 30’s. Further, they downplay the argument that the Fed has actually increased economic stability, by balancing the supply of money in times of boom and recession, a point which at very least should be examined in full, rather than mentioned in one sentence. I personally agree with Rep. Gonzales of Tx; the fed should be open to inquiry and review. And I actually invest in precious metals to maintain the more liquid portion of my portfolio, so I stand to profit nicely from a shift to the gold standard. But I don’t think this country can stand to go through the revolution in banking that would need to take place in order to make this switch (The middle class and lower class would feel the worst this hit, as they rely on banking as their primary means of savings. The upper-class could afford to weather this change due mainly to the diversity their greater pool of savings affords them.), and I believe the Fed actually serves a purpose. But even if I’m naïve in that belief, at least I’m not so naïve as to swallow just anything a strange organization attempts to feed me through media that appeals to my emotions. I get the sense, friend, that you too are smarter than that.
By: Oh-Deeh
Re: Money, Banking and the Federal Reserve
This movive expained it well to my economics class!
By: jenb
Re: Money, Banking and the Federal Reserve
I feel like this video was pretty one-sided reagarding the Federal Reserve System. I think there are aspects about the Fed that help the economy. Although it is nowhere near perfect, most things can never be completely flawless. More research concerning the positives of the Fed should have been included as well to get a really well-rounded look at this part of our economy. However, the video did a good job at relaying the downsides of the Federal Reserve System.
--JM.
--JM.
By: jmlynarski
ksmolek
I found this video to be very beneficial with learning about the Federal Reserve. Thus far i have only heard positive feedback about the fed and its contribute to society. This video however showed the other side, which is important to know. Although some of the comments might have been harsh (for example, saying kids today will never meet their parents financial success) , it might also be reality.
-KS
-KS
By: ksmolek
Re: Money, Banking and the Federal Reserve
I feel like this video is very negative towards Americas banks and neglects to touch on the benefits which americans have due to our banking system. This video also attempts to blame the federal reserve for problems such as the homeless and i do not agree with such accusations.
By: ekd
Re: Money, Banking and the Federal Reserve
This video was interesting, yet very long. I thought it gave me a different opinion on the subject of the Fed. Typically, you only get the positive comments that are found in a history book. It was cool to see what its really like. -mc.
By: mculligan
Re: Money, Banking and the Federal Reserve
I agree that we have to be careful not to give the government too much control over the banking system. However, I do not think that the Fed abuses its power; we depend a lot on what the Fed does. In the past, times when the central government did not have much power over banks were hectic and bad for the economy. The Fed has proven to be a positive part of this country.
By: stefsmro
