• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Thursday Humor: The Federal Reserve For Dummies And Other Econ PhDs

Tyler Durden's picture




 

Here's 'Buck' to explain, in plain English, "one of the most complex 'but effective' institutions in the United States - The Federal Reserve System". Whether you view for the pure irony of it - or pass on to an Econ PhD friend, this animated cartoon from the St. Louis Fed (funded by our cliff-invoked taxpayer money we are sure) takes us from inception around one hundred years ago to the present-day and covers the three divisions (Reserve Bank, FOMC, and Board of Governors) and three responsibilities (providing financial services, conducting monetary policy, and supervising banks). It seems 'Buck' had not been informed of the other and varied roles the Fed plays in the world's populations' lives. How long before this is required viewing for all K-12 schools nationwide?

 

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 12/06/2012 - 20:20 | 3041085 Frastric
Frastric's picture

Coming soon to America Inc...

Thu, 12/06/2012 - 21:07 | 3041233 SMG
SMG's picture

This video is pure evil.

Please let the people wake up to this fraud and stop it soon.

Thu, 12/06/2012 - 21:10 | 3041242 Cheesy Bastard
Cheesy Bastard's picture

That's Buck.  Buck Ofama.

Thu, 12/06/2012 - 21:29 | 3041269 USS Bernanke
USS Bernanke's picture

50 Seconds in...

** Pulls Back the Curtains **

"As you can see, there is a lot going on around the Fed"

(Bunch of white people standing around buildings holding paper and using magnifying glasses to look at the ground)

Click to see all of the activity going on!

http://img23.imageshack.us/img23/8639/picture3199.jpg

...

...

On a side note this must go on their resume for transparancey.

-

USS Bernanke

Thu, 12/06/2012 - 22:10 | 3041351 Enslavethechild...
EnslavethechildrenforBen's picture

The Fed is unsophisticated and not very complex. They are effective only at exchanging their worthless, useless paper for our resources, land and labor. Otherwise known as EVIL. The fucking criminals need to be tarred and feathered, and hung by their balls and set on fire.

Thu, 12/06/2012 - 22:25 | 3041433 kchrisc
kchrisc's picture

What you describe so well is a racket. The gov and the FedRes are the biggest racket.

Time to add tar and feathers to the gold stash.

 

Thu, 12/06/2012 - 23:05 | 3041504 economics9698
economics9698's picture

 

Alternate goals of the Fed from one of my power point slides.

 

Alternate unofficial goals of 1910 Jekyll Island meeting

and creation of Fed in 1913

1.Stop the growing influence of small rival banks and

to ensure that control, over the nations financial resources

would remain in the hands of those present at

Jekyll Island,

Senator Nelson Aldrich (business associate of J.P. Morgan, father-in-law to John D. Rockefeller, Jr.), his personal secretary Arthur Shelton, former Harvard University professor of

economics Dr. A. Piatt Andrew (Assistant Secretary of the United States Treasury), J.P. Morgan & Co. partner Henry P. Davison (senior partner of the J.P Morgan Company),

National City Bank president Frank A. Vanderlip  (president of the National City Bank of New York, the most powerful of the banks at that time, representing William Rockefeller and

the international investment banking house of Kuhn, Loeb & Company) and Kuhn, Loeb, and Co. partner Paul M. Warburg, Charles D. Norton, president of J.P. Morgan's First

National Bank of New York, Benjamin Strong, head of J.P. Morgan's Bankers Trust Company, and Paul M. Warburg, a partner in Kuhn, Loeb & Company, a representative of the

Rothschild banking dynasty in England and France, and brother to Max Warburg who was head of the Warburg banking consortium in Germany and the Netherlands

2.  Make the money supply more elastic in order to reverse the trend of private capital formation and to recapture the industrial loan market.

3.  Pool the meager reserves of the nation’s banks into one large reserve so that all banks will be motivated to follow the same loan-to-deposit rations.  (Get loaned up to 90%)  This would protect at least some of them from currency drains and bank runs.

?

4.Should this lead to the collapse of the whole banking system (2008 TARP), then shift the losses from the bank owners to the taxpayers.

5.  Convince congress and the public that the Federal Reserve was needed to protect the public.  Create laws to assist in monetary expansion of credit

 

Fri, 12/07/2012 - 11:38 | 3042773 Hugh_Jorgan
Hugh_Jorgan's picture

Well, like any good organized crime outfit you have to have a front business, no?

Thu, 12/06/2012 - 22:37 | 3041462 rollercam
rollercam's picture

Some of them look to be pissing on the grass and buildings.

Thu, 12/06/2012 - 23:14 | 3041549 economics9698
economics9698's picture

It must be nice to print the medium of exchange for the tribe. 

Funny how people are bewildered by this and why the tribe dominates in war, defense, Hollywood, education, politics, everything is the tribe.  Everywhere I look the tribe is telling me I am a idiot racist white man. 

The tribe passes it off as they are educated and smart.  Funny I do not see any Austrian professors anywhere, funny isn’t it?  Like even when the Austrian get the PhDs they never seem to get a job.

Yea it’s real bewildering until you understand THEY OWN THE FUCKING BANK!

 

Fri, 12/07/2012 - 11:36 | 3042759 Hugh_Jorgan
Hugh_Jorgan's picture

Make me think that it's time to stop needing the banks so much, eh?

Thu, 12/06/2012 - 21:24 | 3041275 knukles
knukles's picture

I quit after the first 2 minutes when Buck gave an overview of the structure, the component parts and erroneously omitted Goldman and The Morgue.

(half crying half laughing sounds... dogs looking at me with heads cocked)

Thu, 12/06/2012 - 21:59 | 3041357 Enslavethechild...
EnslavethechildrenforBen's picture

It is imperative that we enslave the children for Ben and his accomplices so that EVIL will prevail on earth for eternity.

Fri, 12/07/2012 - 06:58 | 3041963 Urban Redneck
Urban Redneck's picture

Dumbing the narrative down conveniently avoids addressing "adult" questions.

However, prior to 2008 GS didn't even have a seat at the table (unlike JPM) which is why their primary mechanism of influence developed through "alumni" networking- which is endemic to the broader marriage of the political and corporate communities, and itself distracts from the inherent corrupt design of largely self-regulating Federal Reserve System and the utter lack of external checks and balances.

Thu, 12/06/2012 - 22:33 | 3041452 fockewulf190
fockewulf190's picture

THE cure for use in a sleep disorders clinic.

Fri, 12/07/2012 - 02:11 | 3041792 A Nanny Moose
A Nanny Moose's picture

Federal Government is already incorporated, is it not? Are most municipalities, and public safety agencies as well?

Thu, 12/06/2012 - 20:24 | 3041088 EscapingProgress
EscapingProgress's picture

I thought the Fed only had one responsibility: steal from the poor, give to the rich.

P.S. You're a dick, Buck.

Thu, 12/06/2012 - 20:38 | 3041144 FL_Conservative
FL_Conservative's picture

He obviously doesn't know what the BUCK he's talking about.

Thu, 12/06/2012 - 20:46 | 3041154 TheSilverJournal
TheSilverJournal's picture

It does, which is why, according to the video, "most economists agree that low steady inflation is good." That inflation is exactly what is being stolen from the poor to give to the rich. So, therefore, most economists must also agree that stealing from the poor and giving to the rich is good.

The natural state of an economy is deflation. Prices should be going down as technology improves productivity. Not only has the Fed and the government stolent the benefit of falling prices from society, but they have added the additional burden of rising prices.

Thu, 12/06/2012 - 21:07 | 3041235 Bunga Bunga
Bunga Bunga's picture

"most economists agree that low steady inflation is good."

This may be true, but only for the fact that there are more Keynesians than Austrians. Inflation is just a dishonest way of taxing people and Keynesians think that is good.

http://www.zerohedge.com/news/2012-09-27/how-crony-capitalism-or-undilut...

 

 

Thu, 12/06/2012 - 21:16 | 3041254 TheSilverJournal
TheSilverJournal's picture

Exactly. The pay checks of most economists are also signed by the government or members of the banking system so it's hardly surprising that they believe it's a good thing that the rest of society suffers in order to keep their employer in business.

Fri, 12/07/2012 - 11:14 | 3042634 Opinionated Ass
Opinionated Ass's picture

"Bingo. Pocketing the productivity gains with one hand and pointing with the other hand at stable prices is the evil core of the Fed's game! Now you've figured it out remember: you must never, ever mention it again. Just bury it deep down inside and never bring it up again. You're gonna have to trust me on this." - Your friend, Buck

 

http://www.moviewavs.com/php/sounds/?media=WAVS&type=Movies&movie=Tallad...

Thu, 12/06/2012 - 20:22 | 3041090 whotookmyalias
whotookmyalias's picture

Oh yeah, we forgot one minor role. Monetizing debt and printing money.

Thu, 12/06/2012 - 20:27 | 3041107 Bastiat
Bastiat's picture

Suppressing interest rates, blowing bubbles and destroying the value of savings.  Step aside Buck, I am Benjie, Destroyer of Worlds. 

Thu, 12/06/2012 - 21:45 | 3041327 knukles
knukles's picture

Manipulating gold and stocks

Thu, 12/06/2012 - 21:50 | 3041338 TheSilverJournal
TheSilverJournal's picture

The greatest trick the devil ever pulled is brainwashing society into rejecting the understanding of the word "malinvestment."

Fri, 12/07/2012 - 00:09 | 3041666 traderjoe
traderjoe's picture

Acting as a front for fractional reserve banking - the counterfeiting of money by private insititutions. 

Thu, 12/06/2012 - 20:22 | 3041091 NotApplicable
NotApplicable's picture

Plain English, you say?

FRAUD

How's that?

Thu, 12/06/2012 - 22:02 | 3041361 TheSilverJournal
TheSilverJournal's picture

counterfeit, theft, ponzi scheme operator, Bernie Madoff on steroids, monopoly, central planner, socialist, resource redistributor, reverse Robin Hood, elitism, corporatism, bankster, tyranny

Fri, 12/07/2012 - 14:11 | 3043328 Kobe Beef
Kobe Beef's picture

RACKETEERING

Thu, 12/06/2012 - 20:23 | 3041092 A Lunatic
A Lunatic's picture

Buck, Buck, Bo Buck, Banana Fanna Fo..................

Thu, 12/06/2012 - 22:08 | 3041380 Elk peanus
Elk peanus's picture

say it, you naughty NAUGHTY bitch! (In Richard Simmon's voice)

Thu, 12/06/2012 - 20:25 | 3041100 buzzsaw99
buzzsaw99's picture

serve the maggots, impoverish the people

Thu, 12/06/2012 - 20:26 | 3041103 Bay of Pigs
Bay of Pigs's picture

Buck Naked?

Thu, 12/06/2012 - 20:43 | 3041161 Mae Kadoodie
Thu, 12/06/2012 - 20:31 | 3041104 THE DORK OF CORK
THE DORK OF CORK's picture

Buck was frozen back in 1987.

 

"Buck drifted through a world in which reality and fantasy merged into a timeless dream"

 

http://www.youtube.com/watch?v=jBFNaHs-zjQ

 

  Buck -  "Greenspan who ?"

  Wilma -      "You know the guy who destroyed most of Human Civilization"

Buck - "never heard of him."

 


Thu, 12/06/2012 - 20:26 | 3041105 Sardonicus
Sardonicus's picture

Here is some Keynes-Hayek Christmas cheer for you.  http://cafehayek.com/2012/12/the-very-talented-mr-papola.html

Thu, 12/06/2012 - 20:34 | 3041130 NotApplicable
NotApplicable's picture

That's awesome.

Hopefully Tyler will make it a Friday humor post tomorrow.

Thu, 12/06/2012 - 20:32 | 3041124 FinalCollapse
FinalCollapse's picture

Sorry, but I couldn't listen to the whole presentation. I puked around 2:30 minute mark.

Thu, 12/06/2012 - 22:13 | 3041402 Enslavethechild...
EnslavethechildrenforBen's picture

I did the Linda Blair thing after about 12 seconds in

Thu, 12/06/2012 - 20:37 | 3041139 Insideher Trading
Insideher Trading's picture

Buck fucked.

Thu, 12/06/2012 - 20:42 | 3041156 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bob I read your thread about the $335M notional sell order.  You think that someone had a margin call worth $335M and decided to meet it by selling only gold? 

Think about how rediculous that is.  Wouldn't you want to diversify your sale to keep your investments diversified accordingly? 

And if the margin call was larger than $335M then why would they sell gold now right before it becomes a tier one asset?

It makes no sense Bob Dobalina and neither do you.

Thu, 12/06/2012 - 20:37 | 3041140 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

This infomercial (Buy the Fed!) starts off telling us that the Fed's job is to stop bank runs; bank runs like what happened in the early 20th century.  WHat it doesn't say is John Pierpont Morgan started those bank runs himself when he let loose panic rumors that certain banks (other than his own) were insolvent.

And if anyone who hasn't watched the video yet wants a summery:  Bore-ring

Thu, 12/06/2012 - 20:38 | 3041143 Rompoculos
Rompoculos's picture

His name is Buck and he's here to fuck.

Thu, 12/06/2012 - 20:45 | 3041163 jayman21
jayman21's picture

Fuck you Buck.  Fuck you Bernacke.

Thu, 12/06/2012 - 20:48 | 3041173 ISEEIT
ISEEIT's picture

Bens gone buckwild!

Thu, 12/06/2012 - 20:49 | 3041176 Al Huxley
Al Huxley's picture

My god, where do you even start to comment on something like this.  So wrong, so wrong...

Thu, 12/06/2012 - 20:54 | 3041196 Central Bankster
Central Bankster's picture

Well I just threw up a little.

Thu, 12/06/2012 - 20:49 | 3041177 jayman21
jayman21's picture

New Drinking game.  When Buck tells a lie, drink

Thu, 12/06/2012 - 20:50 | 3041181 edb5s
edb5s's picture

My favorite part was when Buck made the joke about commercial banks being "financially sound."

Do NOT follow this link or you will be banned from the site!