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Keynesianism For Kretins (sic): The New York Fed Launches Propaganda Comic Book

Tyler Durden's picture




 

The Central bankers of the world continue to demonstrate just how they perceive the general population: as bunch of retarded morons, easily distracted, and fascinated by pictures, colors and gimmicks (almost makes us wonder why Amazon didn't go to the Fed to subsidize the losses it is incurring on the Kindle, instead of cutting its price by 30% to $189 - surely the Fed wants the entire middle class to wallow in its debt slavery, and spend every waking hour blissfully reading Whispernet downloaded soft-porn, instead of ruminating on the collapse of the American civilization). Whereas a month ago, the ECB issued a cartoon on price stability, as we disclosed in Keynes For Kindergarteners, today our own New York Fed confirms yet again that in the contest of stooping the lowest, it has no equal. The FRBNY has published a comic book, full of the misadventures of the infamous Darth Inflation. With such zingers as "By discouraging saving, inflation can harm the US economy. That's because the economy needs a supply of savings to provide the funds for people and business to borrow so that they can invest in the things that help the US economy grow" it is now clear that the entire FRBNY Board is comprised of lunatics, as apparently these people have not heard of ZIRP, QE, 0% interest on money markets and savings accounts, and must have Apple gizmos. Also, as Jon Hilsenrath will hopefully inform his audience with an at least 24 hour advance notice, the Fed is likely currently contemplating using its legislative branch (i.e., Congress) to pass laws allowing negative interest rates, and making hoarding of money and gold a felony.

You can read the most pathetic atempt ever on the side of the Fed to pander to the general population, which incidentally according to broad recent polling, believes not only should the Fed be immediately audited, but also  dismantled, recycled for scrap, and the remains used to plug the BP hole in the GoM.

 

 

h/t Bill

 

 

 

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Mon, 06/21/2010 - 16:20 | 425448 trav7777
trav7777's picture

Krytons, bitchez

Mon, 06/21/2010 - 18:19 | 425650 ZerOhead
ZerOhead's picture

 

Forget the NY Feds PR problem for a moment ... Washington now has an even bigger problem if you ask me...

http://www.zerohedge.com/forum/how-peacefully-overthrow-oligarchic-klept...

I challenge anyone to find a flaw in this plan to 'democratically' overthrow the U.S. government. Seriously it will work!

Na na na na naaa... I'm smarter than you guys! You guys are so stupid! Blah blah blah blah blah blah...

Listen 2,000 hit's already and my boat is still floating... come on... sink me Bitchez!

Mon, 06/21/2010 - 20:15 | 425825 Mercury
Mercury's picture

Really, ZH should get in on the game too: Gold Bitches! The Farce of Fiat Currency

Who can draw?

Mon, 06/21/2010 - 21:46 | 425911 BGO
BGO's picture

The subliminal "buy inflation indexed bonds" message in the beginning was clever...

Considering the size of ZH's audience, whipping up a clever response to the govt's ridiculous comic would be a no-brainer, maybe something with a "Salad Fingers" theme where Ben Shalom stars as Salad Fingers ( http://www.fat-pie.com/salad3.htm ).

 

 

Tue, 06/22/2010 - 01:35 | 426289 Souverainiste
Souverainiste's picture

This comic book already exists.  The Schiffs wrote it, it came out 6 weeks ago.

http://amzn.to/9DSWtj

http://bit.ly/aquQUX

Mon, 06/21/2010 - 16:21 | 425450 Internet Tough Guy
Internet Tough Guy's picture

They should have Krusty the Klown narrate these things. He could give it some pep.

Mon, 06/21/2010 - 16:30 | 425472 mikla
mikla's picture

+1

It ranks right up there with Krusty's other high quality products.

Yes, I did actually read the comic.  I am now actually dumber than I was before.

Mon, 06/21/2010 - 16:34 | 425478 hedgeless_horseman
hedgeless_horseman's picture

Hi kids, it's Krusty, and I don't feel like paying interest anymore.

Mon, 06/21/2010 - 16:39 | 425499 AndrewWJewell
AndrewWJewell's picture

too, some much needed credibility

Mon, 06/21/2010 - 16:25 | 425458 -Michelle-
-Michelle-'s picture

I hope the bride-to-be on page 7 is also springing for finishing gender-reassignment surgery before prices go up on that too.  Otherwise, "she's" never going to use that dress.

Mon, 06/21/2010 - 16:28 | 425468 Citizen of an I...
Citizen of an IKEA World's picture

Don't be so cynical.  In a gobsmackingly-idiotic comic book, even a cross-dressing stevedore can find love.

Mon, 06/21/2010 - 21:21 | 425920 jeff montanye
jeff montanye's picture

speaking of women, i'm with the earlier one who wants to buy jewelry but the lummox with her seems taken in by the tips bonds (adjusted to the same cpi that didn't go up last year, to the chagrin and disbelief of social security recipients).  she also was more convincingly a woman.  timmy must be so proud.

Mon, 06/21/2010 - 16:25 | 425460 Joe Shmoe
Joe Shmoe's picture

Okay, so I know this is an easy joke, but this clip is funny:

Moe = Bernanke 

Curly = Geithner 

Larry = ?

http://www.youtube.com/watch?v=s8-PlnJ3kkk

 

 

 

Mon, 06/21/2010 - 18:55 | 425721 Sisyphus
Sisyphus's picture

Larry = Profit

Tue, 06/22/2010 - 00:01 | 426166 Fred Hayek
Fred Hayek's picture

Larry = Summers

Seriously.  Comb the hair up and have him whine, "Hey!  Why don't you pick on someone your own size!"

Mon, 06/21/2010 - 16:27 | 425462 truont
truont's picture

TD, these are not lunatics at all.

They put Keynesianism right where it belongs...in a comic book.

Mon, 06/21/2010 - 16:26 | 425463 Whizbang
Whizbang's picture

I almost made it to the fourth page before vomiting.

Mon, 06/21/2010 - 16:27 | 425465 Lets Hang Parliament
Lets Hang Parliament's picture

At 24 pages it may be the most brilliant exposition on the economy (it isnt...) but Joe Public's attention span is all of err.. one page so "own goal" you federal wankers

Mon, 06/21/2010 - 21:25 | 425930 jeff montanye
jeff montanye's picture

yes, i too was wondering the audience.  wonkish fourth graders?  legacy admits to harvard business school?

Mon, 06/21/2010 - 16:28 | 425467 Black Swan
Black Swan's picture

I mean really comic type text and pictures, how insulting to ones intellect as i prefer cartoon animation myself as it's easier to understand.

Mon, 06/21/2010 - 18:04 | 425646 Mactheknife
Mactheknife's picture

Hey, that's the best they could do on the subject. And even this was quite a stretch for them.

Mon, 06/21/2010 - 16:30 | 425471 ReallySparky
ReallySparky's picture

This will be the educational material that will be used in the camps after the GOM evacuation.

Mon, 06/21/2010 - 17:37 | 425610 Rainman
Rainman's picture

That oil rig on page 3 is kinda' creepy, huh ??

Yes, I got to page 3. 

Mon, 06/21/2010 - 16:31 | 425477 living on the edge
living on the edge's picture

They've inflated us into oblivion since the beginning of the fed's existence and now they want to educate the public about "inflation". Are you kidding me?

Mon, 06/21/2010 - 18:02 | 425642 Mactheknife
Mactheknife's picture

Beat me to it. I am actually very surprised that the Fed is able to demonstrate any understanding of the term at all.

Mon, 06/21/2010 - 21:35 | 425950 jeff montanye
jeff montanye's picture

and their timing is superb:  the onset of a deflationary depression.  the greatest inflation threat at this time of course is neither "cost push" or "demand pull" but "fed flush" as the future wealth of the nation is exchanged for toxic crap on the fed's balance sheet.

Mon, 06/21/2010 - 16:32 | 425479 downrodeo
downrodeo's picture

Balls to you bernizzle!!

 

SHeeesh, this is econ 101 all over again.

Mon, 06/21/2010 - 16:33 | 425482 Joe Shmoe
Joe Shmoe's picture

They should do a Goth version.

Mon, 06/21/2010 - 16:35 | 425487 mikla
mikla's picture

+1 HAHAHAHAA!

We'll all be going Goth shortly.

Mon, 06/21/2010 - 16:47 | 425522 Gully Foyle
Gully Foyle's picture

Joe Shmoe

Goth is so yesterday. Now Steampunk, ahh, there's the ticket.

Probably do a Twilight special addition making it totally cringeworthy.

Mon, 06/21/2010 - 16:49 | 425531 Joe Shmoe
Joe Shmoe's picture

That'll do.  And make it an ipad app, with embedded porno.

Mon, 06/21/2010 - 16:34 | 425485 TooBearish
TooBearish's picture

But are we not a nation of idiots?  look at who we elect and allow them to do to our constitutional rights?  And when the Fuk did Americans read? - buying I pads and Kindles so that they can JO to net porn in bed....

Mon, 06/21/2010 - 16:35 | 425490 Robslob
Robslob's picture

Making it illegal to save money by instituting a negative interest rate! Time to buy that safe I always wanted!!!

Mon, 06/21/2010 - 16:59 | 425552 velobabe
velobabe's picture

i l o v e my new safe.

i keep my weed in it too†

just to let america know, i had to give a 10 day notice to order my money (cash, Benjamin's), so i could withdraw it.

and don't any of you men tell me i am lying, either. cause it is the damn truth.

our money is not physically in the bank, people.

Mon, 06/21/2010 - 17:20 | 425591 IE
IE's picture

I've taken just shy of $10K in hundreds out of the bank 3 times in the last 9 months... how much are you withdrawing?

Mon, 06/21/2010 - 18:10 | 425648 DosZap
DosZap's picture

IE,

That's not a real smart move.........(you likely are aware of why).

Unless it's something you have been doing at the same Bank, for a period of years.........

And, no your/our fiat  $$$ hasn't been there for a LONG time, that's why it's called frac reserve banking............

Mon, 06/21/2010 - 18:27 | 425681 New_Meat
New_Meat's picture

IE--did you get those hologram thingies?  Have they changed over time?

Bob Kraft's enterprises are hurting, but his original paper company must be doing really well.

- Ned

Mon, 06/21/2010 - 18:08 | 425651 DosZap
DosZap's picture

velo,

Nope, got the same notice from my Bank, 2 weeks ago..........

Get ready for rationing your own dollars out to you........

This is extremely negative to those who fear deval, and or/changes.

Mon, 06/21/2010 - 18:31 | 425685 New_Meat
New_Meat's picture

We here in MA fear deval and Deval. 

So this is M3 falling in action.  Roth's "Depression Diary" goes through bank runs in Youngstown, OH (swanky place before the fall) and the effects of the bank runs.

Can you post the message?  If we all see the same thing, then we'd know what Sheila is up to beyond her public "statements".

Thanks,

- Ned

Mon, 06/21/2010 - 16:35 | 425491 AnAnonymous
AnAnonymous's picture

Funny comic. They were borderline to tell that inflation is theft on the poor.

Maybe comic issue number 2, the return of the archdem on inflation.

Mon, 06/21/2010 - 16:35 | 425492 LoneStarHog
LoneStarHog's picture

"With the supply of oranges down..."

You mean SUPPLY & DEMAND?

THEN EXPLAIN GOLD/SILVER, YOU F**KING RETARDS!

Explain gold/silver, CFTC!

Oh wait, you mean there are NO PAPER ORANGES?????

Mon, 06/21/2010 - 16:37 | 425496 buzzsaw99
buzzsaw99's picture

They even drew dullard looks on the faces of the sheeple. Perfect!

Mon, 06/21/2010 - 16:39 | 425500 Muir
Muir's picture

And now for your viewing pleasure.
The Mistress of the Macabre. The
Epitome of Evil. The most sinister
woman to dance on the face of the
earth. Lowly dogs, get on your
knees, bow your heads and worship
at the feet
of SANTANICO
PANDEMONIUM!

Mon, 06/21/2010 - 18:12 | 425653 DosZap
DosZap's picture

muir,

Yes, she was worth living thru the flic...........

Mon, 06/21/2010 - 16:39 | 425501 wilton
wilton's picture

no comments

Mon, 06/21/2010 - 16:39 | 425504 Careless Whisper
Careless Whisper's picture

what a disgrace.

gotta love the pic on page 11 showing $100 deposited in a bank and that allows the bank to loan $90 and the banks keeps $10 in reserve. in reality the bank makes a $900 loan with that $100 deposit. the additional $800 being created out of thin air from the federal reserve bank.

liars. liars. liars.

 

Tue, 06/22/2010 - 00:32 | 426206 Assetman
Assetman's picture

I like the preceding pic (forgot what page) where the poor banker is in dispair becuase he is getting hurt by 8% inflation, while his issued loan is only at 5%.

Yet we don't see current conditions where savings rates are at 0%, and loans (or in this case, Treasuries) are being issued at 4%.  Because banks would be counting their money with evil grins on their faces while shaking hands with Ben Shalom.  And savers would be the ones in dispair.

They're not just liars, the FNBNY are banking's favorite money launderers.

Mon, 06/21/2010 - 16:40 | 425507 Ragnarok
Ragnarok's picture

PDF? Scribd crashes on 64bit machines.

Tue, 06/22/2010 - 09:17 | 426518 hedgeless_horseman
hedgeless_horseman's picture

Scribd OK on my 64bit.  Windows 7.  It's the shit, because one can select a different operating system for each application. 

Me love this long time (Vietnamese girl saying this is my Windows 7).

 

Mon, 06/21/2010 - 16:40 | 425510 Djirk
Djirk's picture

I like the chart that says that shows how they managed inflation while there was real solid GDP growth. I think the FED should measure results by $USD purchasing power....which this chart by Tyler Durden shows   ....   ugly

 

http://static.seekingalpha.com/uploads/2009/5/8/saupload_purchasing_powe...

 

 

Mon, 06/21/2010 - 16:46 | 425518 carbonmutant
carbonmutant's picture

 Hey, I'm waiting for the Cliff notes...

Mon, 06/21/2010 - 16:48 | 425526 Gully Foyle
Gully Foyle's picture

carbonmutant

The Audiobook you can listen to in the car.

Mon, 06/21/2010 - 16:48 | 425524 phaesed
phaesed's picture

This is part of a series of comic books published by the Fed.... Our tax dollars hard at work.

Mon, 06/21/2010 - 16:48 | 425527 GovernmentMule
GovernmentMule's picture

The reality show based on it will be going head to head with American Idol this fall.

Mon, 06/21/2010 - 16:49 | 425529 Critical Path
Critical Path's picture

Keep it real, real stupid

Mon, 06/21/2010 - 16:50 | 425540 jkruffin
jkruffin's picture

Funny,  are they trying to tell people what is to expect real soon?  So when it happens, people don't ask the stupid questions anymore?  LOL

Looks like a key indicator release to me.

Tue, 06/22/2010 - 00:36 | 426212 Assetman
Assetman's picture

Yeah... I wonder whether the comic book release and the Chinese currency announcement isn't somehow linked.

Just remember, inflation has NOTHING to do with dollar devaluation against stronger currencies that float.  And inflation is what our government says it is...

Mon, 06/21/2010 - 16:51 | 425542 mchandler@ameri...
mchandler@ameritech.net's picture

Lying son of a bitches.

 

Mon, 06/21/2010 - 16:54 | 425546 jkruffin
jkruffin's picture

HAHA,  can we get a comic of the Volcker Rule with the "Bill" guy?   I'm just a bill, just a lonely old bill, and I'm sitting on Capital Hill  ROFL

http://community.sceneinpa.com/_School-House-Rock-Im-Just-a-Bill/video/3...

Mon, 06/21/2010 - 16:55 | 425553 Paper CRUSHer
Paper CRUSHer's picture

 Hey fellas,I think am gonna be sick

Mon, 06/21/2010 - 16:59 | 425560 Freebird
Freebird's picture

LOL. You guys said it all. What musical score could be put to this?

Mon, 06/21/2010 - 16:56 | 425555 Nacho.Libre
Nacho.Libre's picture

LOL..."I have to charge you more dough for the bread"

 

There was a special to my local paper where the local university is having a financial literacy workshop for teachers.  They will be teaching the teachers on how to teach economics to their students. There will also be a special address by Bill Gilmer, vp of the fed bank of dallas. I don't know why they just don't send the comic books to all schools and be done with it.  I don't know if I can go to the workshop, seeing as I'm not a teacher, but if anyone wants to go...

 

http://www.dallasfed.org/educate/events/2010/10sotex.cfm

Mon, 06/21/2010 - 18:37 | 425691 New_Meat
New_Meat's picture

... and the textbook will be "Free to Choose" right? - Ned

Mon, 06/21/2010 - 17:09 | 425578 velobabe
velobabe's picture

look at pg 6.

Inflation can hurt too, by giving people incentive to invest in ways that don't help the economy grow.

look at the lady in red dress, says:

I'm investing in jewelry because i'm worried about inflation, and i think that jewelry will rise in value faster than other prices will go up.

hey, has anybody heard about this business?

http://www.cmi-gold-silver.com

Mon, 06/21/2010 - 18:25 | 425675 DosZap
DosZap's picture

velo,

I would only do business w/them, FTF...........(and if they are very competitive).

Any metals dealer, that requires same day pmt (Wire Transfers), that never advertises, is off my hook.

They show to have been in the Bus, since '72.............

Mon, 06/21/2010 - 17:15 | 425587 buzzsaw99
buzzsaw99's picture

That thing is full of misrepresentations and outright lies. A frigging lying comic book, brought to you by your friendly jew central bankers.

Mon, 06/21/2010 - 17:48 | 425625 dnarby
dnarby's picture

Hey!  You were doing fine until...

...Sigh...

Mon, 06/21/2010 - 17:27 | 425599 Quinvarius
Quinvarius's picture

They don't even know the definition of inflation.  That is what is so funny.  Inflation is the increase in the money supply, not the following increase in prices.

Mon, 06/21/2010 - 18:04 | 425645 mikla
mikla's picture

+1 !!!

They are playing around with the premise of increasing velocity of money.

Further, they define "hyperinflation" as "really bad inflation".  NO.  It is a collapse in the confidence of the unit of exchange.

This is truly stupid drivel.  Demonstrably untrue.  Just what we should expect from this propaganda campaign.

Mon, 06/21/2010 - 22:36 | 426048 Bear
Bear's picture

I didn't know that and I have a degree in Math ... I must have been out that day.

Tue, 06/22/2010 - 19:35 | 428051 Hunch Trader
Hunch Trader's picture

Obviously they're roman numerals.

 

Tue, 06/22/2010 - 11:57 | 426835 JR
JR's picture

That about says it all, doesn't it?

Mon, 06/21/2010 - 18:14 | 425659 Mactheknife
Mactheknife's picture

Now you've done it. After they go to all that trouble to convince people of every possible explanation for inflation, you have to go and blow it. Fed said, "money supply?, what money supply?, we don't know nuthin bout no stinkin money supply. What?"

Mon, 06/21/2010 - 17:37 | 425609 ozziindaus
ozziindaus's picture

Pg 12 sounds like she's Mexican

Mon, 06/21/2010 - 17:46 | 425623 -Michelle-
-Michelle-'s picture

Nothing much in there about government subsidies keeping prices artificially high, either.  Like the $30 frickin billion that the House just approved so that home builders can increase the housing inventory...

http://blogs.wsj.com/deals/2010/06/21/why-cant-congress-just-say-no-to-h...

Mon, 06/21/2010 - 17:52 | 425629 ghostfaceinvestah
ghostfaceinvestah's picture

Does the Fed seriously expect Americans to read?

Mon, 06/21/2010 - 19:35 | 425772 lizzy36
lizzy36's picture

no.

hence the politically correct pics of people eating ice cream.

Mon, 06/21/2010 - 17:53 | 425630 MacedonianGlory
MacedonianGlory's picture

Use of mass propaganda indicates that the game has been lost. Prepare for SUPER-inflation.

Mon, 06/21/2010 - 17:56 | 425631 starfish
starfish's picture

We need to do a counter propaganda piece in comic form. here are some ideas:

Liberty Comics: reduction and expression of core liberty based ideas into a simple comic:

Sound Money:

Cast of Characters: use archtypal themes which resonate with all humanity,

Hero: The Patriot, the worker, the saver, average american

Villan: Federal Reserve, international banking cartel, secret society, Lucifer himself,

Plot: debt enslavement of the American People and the destruction of all things free: government control of everything, mortgage on the future of humanity

Mon, 06/21/2010 - 18:23 | 425670 Lucky Guesst
Lucky Guesst's picture

Ticking time bomb....... National Debt Clock

Secret Weapon...... physical gold

Mon, 06/21/2010 - 18:39 | 425697 starfish
starfish's picture

cool, i will add that in.

Tue, 06/22/2010 - 11:34 | 426780 starfish
starfish's picture

Thanks, I read them both...I thought stealing is wrong and inflation sounds an awful lot like stealing...i'm confused...

Mon, 06/21/2010 - 18:04 | 425644 Miss Expectations
Miss Expectations's picture

Careful!  This stuff could cause an apoplectic farcical fit.

Mon, 06/21/2010 - 18:19 | 425665 drwells
drwells's picture

"That's because the economy needs a supply of savings to provide the funds for people and business to borrow so that they can invest in the things that help the US economy grow"

This is like Nazi Germany saying how much the economy needs Jews - so don't worry, nothing will happen to them, no reason they should run for their lives or anything...

Mon, 06/21/2010 - 18:27 | 425680 docj
docj's picture

Holy crap - I thought this was a story from The Onion.

You mean this sh*t is real?

The FedGubermint is now officially beyond parody.

We are so totally freaking screwed.

Mon, 06/21/2010 - 19:26 | 425764 Womb Service
Womb Service's picture

Check out this inflation propoganda film from 1933

http://www.youtube.com/watch?v=JUvm9UgJBtg

That's right...inflation is GOOD for you.

Tue, 06/22/2010 - 03:33 | 426349 hidingfromhelis
hidingfromhelis's picture

So is smoking.  Besides, all the cool countries are doing it.

Tue, 06/22/2010 - 06:53 | 426409 docj
docj's picture

Love the new avatar, WS.

Go Gunners!

Tue, 06/22/2010 - 09:49 | 426579 Womb Service
Womb Service's picture

Thanks. Born in North London. Gooner for life.

Tue, 06/22/2010 - 00:07 | 426175 Fred Hayek
Fred Hayek's picture

Not satisfied with having ruined other large swaths of the economy, they're now going to put satirists out of work.

Mon, 06/21/2010 - 19:09 | 425733 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And I thought the oil spill was a sign of the apocalypse.  Jeesh.

Thank you everybody for your comments, as I literally could not read this.

Dis-info+Circular Logic=FRBNY

Mon, 06/21/2010 - 19:21 | 425751 You Cant Handle...
You Cant Handle the Truth's picture

"Inflation is very unpopular" …  

Well, yeah, for lenders of existing debt, sure.  For all the lendees, the only thing that can save their ass right now is Inflation.

But hey, when it's bank vs. consumer, you know who the Fed is going to cheer for.

Mon, 06/21/2010 - 19:21 | 425752 digitalhermit
digitalhermit's picture

"We need to do a counter propaganda piece in comic form."

Already done. I personally like the "Money as Debt" series viewable for free on youtube:

http://www.youtube.com/watch?v=vVkFb26u9g8

 

Mon, 06/21/2010 - 19:39 | 425778 Snidley Whipsnae
Snidley Whipsnae's picture

Fed azzhats rarely use the word inflation...normally they use the term 'inflation expectations'...also, they seldom use the word money.

Batten down the hatches!

Mon, 06/21/2010 - 19:50 | 425779 percolator
percolator's picture

To me the most outrageous zinger of all is this one "Many economists think the consumer price index overstates increases in the cost living" - page 20.

Then in the following slides they go on to say how this results in less money for the Federal Government and is a benefit for taxpayers because the personal exemption (tax deduction) is increasing faster than it should because the CPI is overstating increases in the cost of living.

The reality is just the opposite.

Tue, 06/22/2010 - 00:10 | 426178 Fred Hayek
Fred Hayek's picture

+1

I skated right past that part.  Please, Fed, show us these economists.  Who are they?

Mon, 06/21/2010 - 19:55 | 425795 johngaltfla
johngaltfla's picture

OMFG, they have absolutely lost it. Great thread title Tyler. I swear I'm living in that alternate universe with the Bad Kirk and the Spock with the goatee.

Mon, 06/21/2010 - 20:03 | 425808 Apostate
Apostate's picture

They're desperate.

The World Bank actually has a far more sophisticated global propaganda operation and video game running. I haven't had the time or inclination to investigate it much, but here it is:

http://www.urgentevoke.com/

I doubt that they'll all make it to 2020 before they're forced by political unrest to smash the printing plates.

Mon, 06/21/2010 - 20:07 | 425812 nmewn
nmewn's picture

They must have got they're gunning and gardening orders in over the weekend.

First our Barney Fife of economics, Paul Krugman;

"At the moment, as you may have noticed, the U.S. government is running a large budget deficit. Much of this deficit, however, is the result of the ongoing economic crisis, which has depressed revenues and required extraordinary expenditures to rescue the financial system."

http://www.nytimes.com/2010/06/21/opinion/21krugman.html?ref=columnists

You see, according to Krugman, deficits & debt "is the result of the ongoing economic crisis" brought about by Black Bart the Villain, it has nothing to do AT ALL with spending what one does not have TO spend, then calling it an asset, then applying leverage to the seed of what is debt (that is, an obligation to pay back). Glad we got all that green shootism out of the way in one shot.

Now, a far more dangerous individual because he teaches his own brand of ballistics, Greg Mankiw;

"Generations of Keynesian economists have sought to model and quantify how that "multiplier" would function in different economic conditions. But most Keynesian economists have agreed that the multiplier effect of government spending is larger than that of the other approach to injecting demand into the economy — cutting taxes — because money from tax cuts might be saved rather than spent."

http://nationalaffairs.com/publications/detail/crisis-economics

Here we find another seed of it, you cannot be allowed to "save" what you have earned by your own labor. You see, it is not YOUR money to do with as you wish, to spend it all, to spend a fraction or to spend none.

In closing, the grand Keynesian experiment has failed numerous times. Specifically in 1975, while following Keynesian "theory" we had stagflation, which is an impossibility according to John Maynard Keynes. You see, you simply cannot have mass unemployment AND double digit inflation at the same time because government was shoveling dollars into the furnace at a frantic rate. Yet we did.

We will soon be treated to a falling unemployment rate (U-3) as "evidence" that not counting ALL of the labor force is proof that government spending what they don't have to spend is working.

My rant for the day.

SeeYa

 

 

Tue, 06/22/2010 - 02:04 | 425842 JR
JR's picture

The New York Fed Comic Book is a combination of Pravda, cigarette warning labels and See Dick and Jane Buy Oranges--all rolled into one--with a guest appearance by Dirty Harry.

In the case of the cigarette labels, it’s a case where smoking is the worst possible thing for you but, of course, the government is making billions on the taxes and wouldn’t think of doing anything to harm its cash cow.

It’s Pravda because it says the opposite of what it is.  One of the best examples is the exchange where a guy holds an inflation-indexed bond and says, I know this bond will allow me to buy at least as much 10 years from now as I can now.  And of course that inflation-indexed bond is indexed to the inflation lie—namely that we have low inflation…  I can guarantee him that his little bond won’t buy him anything near what his money buys now. He’ll be wiped out.

And it’s Dick and Jane because I don’t think there is an audience in the United States that would follow this stuff, not kindergarteners, not immature adults and certainly not mature adults.

I guess the central bank mobsters are hoping that the Department of Education will latch onto this, put it in the schools and the post offices, etc, with the idea that the people’s prices are going up but not to worry because the Federal Reserve knows that inflation is bad for you and it’s got you covered.  Besides, as the FRB-NY says, if oranges go up, that’s not inflation.  You don’t have to worry about that part. And if gasoline goes up, that’s not inflation; and if your heating bills go up that’s not inflation. And if rent goes up, it was because your landlord had to pay more for heating, so that’s not inflation.  Isn’t’ that right?

As a matter of fact, the bottom line is, higher prices aren't inflation.  Inflation is Clint Eastwood.  And as long as you don’t see him around, there’s no inflation. Get it?

Never mind that according to Kirk MacKenzie in Money that “Inflation is the devaluation of a nation’s currency caused by inflating the money supply faster than the growth of real wealth… that usury creates inflation.”

In fact, says MacKenzie, inflation is visible. “New York City is the city usury built!”

Proof?  “Simply look at New York, the economic capital of the world, and compare it to photographs of cities where wealth is actually produced. New York is one of the wealthiest cities in the world, yet it does not construct homes, build cars, grow food or livestock, mine minerals or timber or produce oil. It is visually apparent the labor and the wealth of the nation flows into the NY banks through a financial system it created and controls.  It is the city built by usury.”

I guess this means inflation is good…for some…like the NY York Fed's Goldman boys who sopped up $70B in bailout while the stock market was collapsing, bought back into the market at the bottom when no one else had the money, and then sold when the market soared.

Is that in the book? 

For a comic book, it sure ain't funny.

Mon, 06/21/2010 - 21:06 | 425901 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

+1, on both accounts.

Mon, 06/21/2010 - 20:55 | 425885 TraderMark
TraderMark's picture

The movie Idiocracy is coming true in my lifetime. 

Mon, 06/21/2010 - 21:00 | 425889 TraderMark
TraderMark's picture

Somewhere "Spend it like Beckham" Krugman is dabbing tears from his eyes in joy.

Mon, 06/21/2010 - 21:11 | 425907 PhD
PhD's picture

24 pages and not a single helicopter......

 

At least there was a jet, and a joystick. Drones HO!

Mon, 06/21/2010 - 22:47 | 426064 Hephasteus
Hephasteus's picture

Ya they forget the part where blankfien recieves the holy ghost and turns into jesus.

Or how they offered the kid with the computer $600,000 a year to get a phd in computer science and program trade bot algos.

Tue, 06/22/2010 - 03:49 | 426352 PhD
PhD's picture

Indeed! Guess they wanted to tone down the realism :P

Mon, 06/21/2010 - 21:36 | 425952 seventree
seventree's picture

They might have better luck with a kick-ass superhero babe in tight leather, using ninja weapons to fight inflation.

Seriously, any budding graphic novelists out there, do a few spec pages and toss it over their transom. Worth a try.

Anything would be better than this lame artwork that looks like morale-boosting propaganda from the 1940's.

Mon, 06/21/2010 - 22:00 | 425987 Mactheknife
Mactheknife's picture

Once again, these immortal words come to mind: "Give me control of a nation's money and I care not who makes the laws." Mayer Amschel Rothschild

Which leads to my quote "END THE FED NOW".  Mac

Mon, 06/21/2010 - 22:11 | 426010 living on the edge
living on the edge's picture

The fed has used comic illustrations in the past. Below are two of those illustrations. Perhaps someone at the fed is trying to pass some cryptic messages or maybe they are just indulging in some hallucinogenic drugs.

 

http://www.bos.frb.org/education/pubs/wishes.pdf

http://www.bos.frb.org/education/pubs/roota.pdf

Mon, 06/21/2010 - 23:08 | 426103 Bear
Bear's picture

More Columbia Econ classes

Mon, 06/21/2010 - 23:00 | 426045 Bear
Bear's picture

Next Week "Deflation, The Real Killer", and then they have done their Civic duty in alerting us to all risks in the future ... except, of course, the risk of continued FED existence. 

I think this was the course material for "Advanced Economics 545" at Columbia.

Mon, 06/21/2010 - 22:39 | 426057 Bear
Bear's picture

I love the disclaimer at the end: "NOT FOR RESALE" ... These guys are true idiots, and to think they actually run stuff, we are doomed (WAD) to say the least

Mon, 06/21/2010 - 23:09 | 426101 Kreditanstalt
Kreditanstalt's picture

Oh, I LOVE THAT!!   The woman investing in jewelry is a "speculator", while the idiots trying to "expand their factories" (in today's economic climate?) are INVESTORS???

I'll bet they REALLY wanted to say "gold" but didn't dare, so "jewelry" remains an example of "speculation"....HAHAHAHAHAHAHA ROFLOL!

Mon, 06/21/2010 - 23:39 | 426145 non-anon
non-anon's picture

I think Zippy the Pinhead would be

a great spokesman for the Fed to

the little kiddies.

Tue, 06/22/2010 - 00:19 | 426187 Fred Hayek
Fred Hayek's picture

I can't wait to see how they branch out with subsequent issues.  I see Blankfein getting bitten by a radioactive cockroach, giving him the proportionate survival instinct and loathsomeness of a cockroach. 

He's really going to scurry into action if he fails to save his "uncle" Ben thereby teaching him that with great undeserved power comes great loathsomeness.

Tue, 06/22/2010 - 02:29 | 426326 thomas_anderson
thomas_anderson's picture

Ok, I threw up in my mouth a little when the guy on page 6 was pumping the inflation indexed bonds that guarantee his money will buy the same amount in 10 years.  What a pile of tripe this shit is! 

Tue, 06/22/2010 - 08:00 | 426446 Bankster T Cubed
Bankster T Cubed's picture

+infinity tyler d

keeping this one

Tue, 06/22/2010 - 10:11 | 426610 M. Barr
M. Barr's picture

Would someone mind posting a direct link? For some reason, the reader isn't working for me.

Fri, 02/25/2011 - 00:35 | 995960 george22
george22's picture

To me the most outrageous zinger of all is this one "Many economists think the consumer price index overstates increases in the cost living" - page 20.

Then in the following slides they go on to say how this results in less money for the Federal Government and is a benefit for taxpayers because the personal exemption (tax deduction) is increasing faster than it should because the CPI is overstating increases in the cost of living.

The reality is just the opposite.
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