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Discussion in 'Politics, Religion, Social Issues' started by fivepoint, Dec 9, 2010.
Exact same beard, exact same show, exact same interviewer... 21 months ago.
This is why I love the Daily Show, sometimes it takes a comedian to cut through the crap and point out the obvious.
All this does is show the complete and total failure of American journalism.
I would agree - 100%. Unfortunately, as it is a comedy show... nothing much comes of it. An important issue like this deserves important and long discussions about the potential fallout... and yet you have to STRAIN to find such dialogue in the media.
Stewart does a great job bringing stuff like this to the surface, there are just so few people willing to keep take the red pill and keep learning more about what's down the rabbit hole.
Look at what has become of presidential campaigns. Debate bores the people, the media is driven by ratings, so you're not going to see any actual debates take place.
Seriously, the next leader of the US is somehow supposed to explain their fix for a problem as complicated and serious as the economy in 90 seconds? Wtf?
It's all about the 30 second soundbite, but I have trouble blaming the media exclusively... it's really the people and their unwillingness to give a damn, unwillingness to take any time out of their busy day to understand the issues that matter so much to our lives.
It seems pretty clear to me some days that we're somewhere between Apathy and Dependence...
Not 'printing' money...
Yes, it is hilarious. And, it is effectively printing money -- that is the whole point, actually, so, I'm not sure why Bernanke denied it. And, it did actually work the first time, along with other measures, to halt to spiraling deflation.
The risk, of course, is whether or not we will have the political will to raise taxes, interest rates, and tighten money, gradually, once the economy starts moving-- this is never popular until inflation starts roaring and people realize that they have to do something.
just yesterday i read an article about how the US spending policy might actually pull the negative attention away from the Euro market in the next 2 years according to the head of the chinese national bank
also some of the rating companies already putting slight doubt on the USA AAA status
another interesting point is that when taking into account the debt and deficits of states and communities (like it is done in most of europe) the situation is even more dim according to analysts
Gary North asks the questions the so-called journalists avoid.
"Bernanke consented to a softball interview by Scott Pelley on the CBS News 60 Minutes show. It ran on December 5. I reported on that interview earlier this week.
What Pelley avoided was any mention of the previous week's release by the FED compelled by law of those 21,000 documents. None of this had been reported by the FED. In other words, it was "off the books." Analysts knew things were bad an admitted increase of over $1.3 trillion on its balance sheet (the monetary base) but not nearly so bad as it was.
Bernanke's appearance was a smoke screen. He wanted to appear to be on top of things today, ready to do whatever it takes to preserve market stability. This includes the FED's purchase of $600 billion in Treasury bonds with magic money.
He insisted that the FED was not printing money, which was only a little lie overall nothing compared to the lies of October 2008 but this threw Pelley off the scent. This was not the legendary "Helicopter Ben" of his November 21, 2002 speech promising to print money. (http://bit.ly/HelicopterMan) No, no, no: the FED will merely buy T-bonds.
Pelley failed to ask.
It will buy them with newly created digital money, of course. But that was regarded as too bitter a pill for the viewers of "60 minutes" to swallow, even with a spoonful of sugar. It was instead: "You can go about your business. Move along." He was the victim of Obi-wan-Bernanke's mental hypnosis. Congress has suffered from this for years.
Moving right along, Pelley judiciously avoided asking about what the Federal Reserve had done, how it did it, and how it had concealed what it had done."
I guess that since it's all computer digitized money, then, technically, they're not "printing money"? Keyboard data entries aren't the same thing as a big bunch of Ben Franklins, right?
Addendum: "This data release reveals emergency lending programs that doled out $12.3 TRILLION in taxpayer money - $3.3 trillion in liquidity, $9 trillion in other financial arrangements.
So $3.3 trillion in new money. $9 trillion in guarantees by the government of failures such as Fannie & Freddie--which means your tax dollars at work. Work? Nay, at risk. I hope you like guaranteeing low-value toxic paper at full face value.