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"Money For Nothing" And The Survival Of The Fattest

Tyler Durden's picture


It is perhaps a testament to the ability of the oligarchy (that 1% which owns some 50% of all US assets) to distract and distort newsflow from what really matters, that a century after the creation of the Federal Reserve, the vast majority of Americans are still unfamiliar with the most important institution in the history of the US - an institution that unlike the government is not accountable to the people (if only as prescribed on a piece of rapidly amortizing paper), but merely to a few banker stakeholders as Bernanke's actions over the past five years have demonstrated beyond any doubt. It is for their benefit that Jim Bruce's groundbreaking movie "Money for Nothing" is a must see, although we would urge everyone else, including those frequent Zero Hedge readers well-versed in the inner workings of the Fed, to take the two hours and recall just who the real enemy of the people truly is.

A quick note on producer, director and writer Jim Bruce. While Jim has been a student of financial markets for over a decade, and began writing a newsletter in 2006 warning about the oncoming financial crisis, what is perhaps most notable is that it was his short trades in 2007 and 2008 that helped finance a significant portion of Money For Nothing’s budget.

However, most impressive is Bruce's ability to bring together such a broad and insightful cast which includes both current and former Fed members, as well as some of the most outspoken Fed critics, among which:

  • Paul Volcker
  • Janet Yellen
  • Alice Rivlin
  • Alan Blinder
  • Richard Fisher
  • Thomas Hoenig
  • Jeffrey Lacker
  • Jim Grant
  • Allan Meltzer
  • Raghuram Rajan
  • Charles Plosser
  • Tony Boeckh
  • Jeremy Grantham
  • Todd Harrison

... and many others.

From the film's official website:

MONEY FOR NOTHING is a feature-length documentary about the Federal Reserve - made by a Team of AFI, Sundance, and Academy Award winners – that seeks to unveil America’s central bank and its impact on our economy and our society.


Current and former top economists, financial historians, and investors and traders provide unprecedented access and take viewers behind the curtain to debate the future of the world’s most powerful financial institution.


Digging beneath the surface of the 2008 crisis, Money For Nothing is the first film to ask why so many facets of our financial system seemed to self-destruct at the same time. For many economists and senior Fed officials, the answer is clear: the same Fed that put out 2008’s raging financial fire actually helped light the match years before.


As the global financial system continues to falter, the Federal Reserve finds itself at a crossroads. The choices it makes will greatly influence the kind of world our children and grandchildren inherit. How can the Federal Reserve steer our nation toward a more sustainable path? How can the American people – who the Fed was created to serve - influence an institution whose inner workings they may not understand?


The key tenet underlying Money For Nothing is our belief that a more fully and accurately informed public will promote greater accountability and more effective policies from our central bank - no matter the conclusions any individual draws from the film.

Sadly this is where we differ, for it is Zero Hedge's opinion that not only is it now far too late to promote any type of change at the top, but the best policy is to urge the Fed on in its ludicrous policies, in order to lead to the catastrophic culmination of 100 years of disastrous wealth-transfer policies, which unfortunately is the only possible way a cleansing systemic reset - one that would finally eradicate the scourge of central-planning - can be unleashed upon a broken and malfunctioning system in its final throes of status quo existence.

Then again, perhaps there is a chance.

Enjoy the trailer and see the movie either on Blu-Ray or in the theater:


Finally, as an added bonus, here are some thoughts from the creator and that supreme beneficiary of the Fed's wealth transfer protocols, billionaire David Tepper, on how Ben Bernanke managed to, temporarily, circumvent Darwin's laws and how it is not the fittest but the fattest that survive.


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Sun, 12/15/2013 - 15:34 | 4248687 DJ Happy Ending
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Establishment filmmakers covering the TPTB. I won't expect much.

Sun, 12/15/2013 - 15:39 | 4248697 Dr Benway
Dr Benway's picture

Did you read the intro? Doesn't really seem to be an "establishment filmmaker".

Sun, 12/15/2013 - 15:51 | 4248726 formadesika3
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-- Sadly this is where we differ, for it is Zero Hedge's opinion that not only is it now far too late to promote any type of change at the top, but the best policy is to urge the Fed on in its ludicrous policies, in order to lead to the catastrophic culmination of 100 years of disastrous wealth-transfer policies, which unfortunately is the only possible way a cleansing systemic reset - one that would finally eradicate the scourge of central-planning - can be unleashed upon a broken and malfunctioning system in its final throes of status quo existence.

Then again, perhaps there is a chance.

Which is it? Chance (green) or no chance (red).

I'm going with no chance. I'll start the ball rolling.


Sun, 12/15/2013 - 19:09 | 4249082 DaveyJones
DaveyJones's picture

nothing represents our economy better than Greenspan - nearsighted and near death

Sun, 12/15/2013 - 19:17 | 4249097 bunzbunzbunz
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BASTARDS!@# Free bitcoins:

Sun, 12/15/2013 - 22:04 | 4249406 Rafferty
Rafferty's picture

Why all the down arrows?

Mon, 12/16/2013 - 02:51 | 4249825 Kirk2NCC1701
Kirk2NCC1701's picture

When I think of CBs, I think of "Money for Nothing, Checks for Free."

Ah, that ain't workin', that's the way you do it.

Sun, 12/15/2013 - 16:32 | 4248807 sgt_doom
sgt_doom's picture

One of the very best items in the first trailer is when that lying sack-of-shit, Alice Rivlin, claims that the Fed "failed to prevent the housing bubble" --- what a complete load of bullcrap!

Evidently, Rivlin still can't do simple arithmetic --- just examining the numbers of the interest rate changes at the Fed easily demonstrates that the Fed purposely created and kept the housing market bubble going --- PERIOD!

Or maybe Rivlin is just a lying sack-of-shit?

Sun, 12/15/2013 - 17:17 | 4248888 Oldwood
Oldwood's picture

Rivlin claims it was a lack of regulation that caused the crash. Is she suggesting the FED needs more regulation, because I believe it is they who enabled all of this to happen, along with a generous heap of government induced corruption.

Sun, 12/15/2013 - 16:44 | 4248829 DJ Happy Ending
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I read the intro: "made by a Team of AFI, Sundance, and Academy Award winners"

Sun, 12/15/2013 - 18:05 | 4248962 Dr Benway
Dr Benway's picture

Yet you entirely ignore the info on the producer, director and writer. Is your comprehension of the world always this selective?

Sun, 12/15/2013 - 19:42 | 4249140 DJ Happy Ending
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Your username should be Dr. Cherrypicker.

Sun, 12/15/2013 - 15:43 | 4248710 disabledvet
disabledvet's picture

yeah I'm not expecting a Hollywood ending here either. Now get with the program Congress and start exporting all that oil and natural gas so we really will be left with absolutely nothing by the time you've defined "victory." well...we'll still have all those nukers so we won't be left with absolutely nothing. "just a nuclear liability as big Phuck You and the horse you rode in on. that we just ate thank you very much."

Sun, 12/15/2013 - 16:20 | 4248783 max2205
max2205's picture

Rule 1 go with the fed...

Sun, 12/15/2013 - 17:01 | 4248863 RafterManFMJ
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Hmmmm this BluRay and 5 Oz of Silver for all on my Christmas list.

That was easy!

Sun, 12/15/2013 - 15:44 | 4248708 Skateboarder
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"The key tenet underlying Money For Nothing is our belief that a more fully and accurately informed public will promote greater accountability and more effective policies from our central bank - no matter the conclusions any individual draws from the film."

Tyrant does not expose himself naked, i.e. this is precisely the language of submission. Expecting greater accountability from the kings of thieves... Tyler called it correct.

Sun, 12/15/2013 - 19:19 | 4249100 WTFUD
WTFUD's picture

I am unable to up vote @ Skateboarder despite having no issues with any other feed.
Why the fuck is that??????????????????????????????????????????????????????????????


FUCK JOE PUBLIC because if you ever ask me to rely on lazy dumber than dumb fucks, might as well hang my fucking self tomorrow.


Sun, 12/15/2013 - 15:44 | 4248712 lolmao500
lolmao500's picture


#BreakingNews A suspected #Hezbollah attack on an #IDF jeep near Rosh Hanikra killed 1 Israeli. More soon. #Israel #Lebanon

Can you say OH SHIT???

Sun, 12/15/2013 - 17:32 | 4248919 Tim_
Tim_'s picture

At the funeral in "Israel" of Baruch Goldstein, the American-born jewish settler who murdered at least 40 Palestinians at prayer in a shrine, Rabbi Yaacov Perin declared: "One million Arabs are not worth a Jewish fingernail" (Source).

Sun, 12/15/2013 - 15:45 | 4248718 LetThemEatRand
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Just a reminder to readers because I can't help myself.  Greenspan was part of Ayn Rand's inner circle and co-wrote with her.  He is the only example that exists of what would really happen if someone who truly believes in Ayn Rand is allowed to man the helm.  That is all.

Sun, 12/15/2013 - 15:55 | 4248734 Tasty Sandwich
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If he truly believed in her philosophy, he would never have taken a job as a central planner to begin with.

Sun, 12/15/2013 - 15:59 | 4248744 LetThemEatRand
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That's always the answer I get.   Actions speak louder than words.    Philosophy in practice tells you a lot more about its merit than philosophy in theory.

Sun, 12/15/2013 - 16:03 | 4248753 Tasty Sandwich
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His action of taking the job says that he doesn't practice what he preaches.

Sun, 12/15/2013 - 16:26 | 4248780 LetThemEatRand
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Really?  His policies were intended to create a free flow of capital to bankers and global corporations, what he saw as the productive class.  The idea was to free the productive owners of capital to employ the capital as they saw fit.  The policies allowed banks to lend freely to sheep consumers who could not pay loans back, and then to sell the loans to sheep buyers in a free market of mortgage backed securities.  The bankers created huge wealth for themselves in the process, as intended.   The policies also encouraged and fostered globalization, which created an almost free market for labor and effectively broke the back of the American worker in favor of those who control the capital.    And as a reminder, Central Banks are owned and operated by private companies, and the Fed cannot and never has been audited by the U.S. government.  It is a governmental entity only in that it has the force of the U.S. military behind it.   Which of these things is inconsistent with Rand?

And P.S.  Does it really satisfy you intellectually to say "yeah, Greenspan co-wrote with Rand and was part of her inner circle, but he didn't really mean it" as an answer to what he did in practice?  In any other context where your mind is not already made up, would that answer satisfy you?

Sun, 12/15/2013 - 16:32 | 4248802 NidStyles
NidStyles's picture

Your constant anti-Rand drum beating is starting to sound like the beginning of a book Hitler is credited with writing...    Amusingly enough your bias is constantly ignoring that this whole situation would not exist if the government was not enabling it. That makes you a state apologist and borderline Communist. So I see two options for you, and likely you will not understand either one.

Sun, 12/15/2013 - 16:47 | 4248815 LetThemEatRand
LetThemEatRand's picture

I see it didn't take long for someone to call me Hitler, while not bothering to respond in substance to a single thing I said, or even caring what I said other than that I've challenged his anarcho-capitalist worldview.  Thanks for inadvertently proving my point.   Carry on as I know you will.

Sun, 12/15/2013 - 17:10 | 4248873 A Nanny Moose
A Nanny Moose's picture

You are saying that Greenpan, was an anarcho-capitalist, while he was at the helm of the Fed? Is this a serious assertion on your part?

So you believe the problem is anarcho-capitalism, which has to even be tried. How can that which has not been tried, be the problem?

Systemic failure and the current state of the economy could not possibly have resulted from a system consisting of, among other things, a monopoly authority on an otherwise illegal activity (a.k.a counterfeiting - a.k.a. fraud), and coercion?

Sun, 12/15/2013 - 17:20 | 4248887 LetThemEatRand
LetThemEatRand's picture

No, NidStyles is an anarcho-capitalist.  Perhaps you noticed the flag that is his picture.  But in any event, he thinks Rand is the bees knees, or at least he defends her quite frequently here.

Greenspan was a tool of the oligarchs who (not accidentally) made them trillions of dollars while he was in charge.   NidStyles doesn't get this because he is ideologically drive to the core.

Sun, 12/15/2013 - 17:33 | 4248924 falak pema
falak pema's picture

anarcho capitalist... is like left handed gunslinger who shoots with his right. 

Its worse than oxymoron, its ironic to the Nth degree. You say one thing you mean the opposite.

Show me one example of an anarcho capitalist construct that has worked. Treasure Island was probably the best novel about anarcho capitalism under the Jolly Roger! 

Black Spot, Israel Hands, Ben Gunn and the best of the lot : Long John Silver! 

Sun, 12/15/2013 - 22:04 | 4249409 putaipan
putaipan's picture

all you need to know about rand is to experience first hand the personality change of someone who has read her and 'gets" it.

Sun, 12/15/2013 - 23:49 | 4249602 A Nanny Moose
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Your point?

Sun, 12/15/2013 - 17:46 | 4248938 Oldwood
Oldwood's picture

You cannot have an organization of those officially opposed to organizations, but in a world where we are forced to compete with those that want organization, we are left with only hypocrites to act in the anti-organization's name.

I agree with much of what Rand believed. She did not believe that the surrender of our personal identity and self determination would ultimately prove survivable. You cannot compete against the destructive nature of centralized power and people's willing surrender of delf determination and self sufficiency when the force of the State is against you. Her ideas were not new. Humans have seen it repeated many times. We just simply refuse to acknowledge it because it is always different this time. Something for nothing always wins in the short run and always fails in the long.

Sun, 12/15/2013 - 19:11 | 4249086 DaveyJones
DaveyJones's picture

well said

Sun, 12/15/2013 - 22:15 | 4249422 A Nanny Moose
A Nanny Moose's picture

Sorry, I don't deal in symbols. Too much is left open to interpretation. Flags are rags, and idols of collectivism.

There is nothing wrong with defending Rand, but one must certainly know the limits. Rand, while not perfect (because she could not make the stateless leap, among other things), is certainly better than what we have. Greenspank is NOT RAND.

Sun, 12/15/2013 - 17:25 | 4248906 falak pema
falak pema's picture

borderline communist...

Thats like borderline Mexican?

Or borderline Taliban?

Or borderline Chinaman?

Or borderline Keynesian?

Or borderline ...we're running out of borders! 

Hey Canuks, you're up next! 

Sun, 12/15/2013 - 16:34 | 4248813 Tasty Sandwich
Tasty Sandwich's picture

I don't care about Rand's philosophy, really.  But, when you blame it for our problems, that's just not true.  The United States is just an empire - an empire in decline.

Financialization, combined with the reserve currency/petrodollar benefits, allowed the continuation of the empire after industry began leaving decades ago.

His policies were directed at keeping the empire going.  He did a good job in that regard.

If he were a true free-marketeer, he would have shut down the Federal Reserve and allowed competing currencies.

Most people don't want that, though.  They like to have rulers and leaders.  They like to think that someone is in charge.

Step out of your tribalism and nationalism.  There's a world of 7 billion out there.  "Poor" Americans are much, much better off than most of them.

To have a true free market, it would have to be global or, at least, all nations (and perhaps other planets) would have to agree to the exact same rules and to not intervene.  Since humans are mostly stupid, scared, tribal animals, that will never happen.  They want rulers and leaders to intervene and protect the tribe.

It's just the same thing over and over again throughout history.  Human nature doesn't change.  Empires rise and fall, rise and fall.

Sun, 12/15/2013 - 16:44 | 4248824 LetThemEatRand
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I think I largely agree with you on these points.   I think Rand has done a lot more damage to our society than most people realize (her ideology guides many of our leaders), but I'll put that aside for a moment.   In my view, Greenspan decided to try to implement Rand's philosophy as an insider.  His ideas met with disastrous results to the middle class as anyone would predict who is not already convinced beyond a reasonable doubt that Rand's ideas are the correct blueprint.  But as intended, the guys at the top made out like bandits.  Who is to say this was not all part of the plan?

But ultimately the real problem is what you say -- there never can be and never will be a "free market" because as you said, "Most people don't want that, though.  They like to have rulers and leaders.  They like to think that someone is in charge."  It is that simple truth that makes all of the debate on ZH and elsewhere about a true free market a giant circle jerk.

Sun, 12/15/2013 - 16:55 | 4248849 Tasty Sandwich
Tasty Sandwich's picture

I didn't give you the down arrow.

I wish people wouldn't do that because it makes it look like I did it.

Sun, 12/15/2013 - 17:23 | 4248905 LetThemEatRand
LetThemEatRand's picture

I wouldn't have assumed it.  There's always plenty of downs to go around when I start ranting about Rand.  But thanks.

Sun, 12/15/2013 - 17:01 | 4248859 akak
akak's picture

LTER, you argument against Greenspan is utterly fallacious and insultingly shallow, and merely displays your complete ignorance of Ayn Rand and her philosophy.  It boils down to little more than "guilt by association", if even that.

If Greenspan TRULY wanted to "implement Rand's philosophy", he would have started by trying to dismantle the Federal Reserve, at least, instead of trying to act as its "maestro".  More likely, he would not accepted the position in the first place.  The fact that he did demonstrates that he had utterly repudiated Rand's anti-statist philosophy by that point.  You speciously keep trying to lay ALL of his faults and manifest crimes on Rand merely because he ONCE, years before, had declared himself to be a follower of hers. 

By your logic, Jesus was to blame for Judas' betrayal, and George Washington can be judged by the actions of every politician in Washington today.  This is kindergarten level thinking.


Sun, 12/15/2013 - 17:09 | 4248877 RafterManFMJ
RafterManFMJ's picture

What, precisely, is your problem with Rand?

As I recall, her idea was pretty much Leave.Me.The.Fuck.Alone and do not steal / enslave me for your needs or to give my wealth / labor (life) to others.

Perhaps I need to re-read but that sounds damn fine to me.

Sun, 12/15/2013 - 18:22 | 4248992 LetThemEatRand
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Not quite.  It was leave.the wealth.the.fuck.alone and do not steal from the wealthy.  She didn't care much about anyone else and was quite clear in not giving a shit if the middle class withered into non-existence, and whether it was enslaved by the wealthy.  

Sun, 12/15/2013 - 22:20 | 4249437 A Nanny Moose
A Nanny Moose's picture

NOOOOOOOO!!!! Goddamit. Her message was to leave the productive alone. You really need to study a novel like Atlas Shrugged, free from the populist blinders, and TPTB's media mouth pieces.

She covered this concept quite adeptly with the likes to James vs. Dagney Taggart. The former, wealthy yet unproductive. The latter being the opposite.

Mon, 12/16/2013 - 01:38 | 4249764 Canoe Driver
Canoe Driver's picture

Horse shit. Either you did not read the books, or you cannot comprehend what you read.

Sun, 12/15/2013 - 17:15 | 4248885 lead salad
lead salad's picture

Please, name said "leaders".....

Sun, 12/15/2013 - 18:41 | 4249016 LetThemEatRand
LetThemEatRand's picture

Are you serious?  Google it.  I don't have the energy.   Everyone from Presidents (Reagan) to Vice Presidential Candidates/Senators (Paul Ryan) to Senators (Rand Paul) to Supreme Court justices (Thomas) who have publicly proclaimed her influence on them.   Many of the nations top business leaders practically think it's the Bible.  You may think that's just fine, in which case I can't imagine why you would deny it.

Mon, 12/16/2013 - 01:41 | 4249765 Canoe Driver
Canoe Driver's picture

Essentially evil and stupid man are merely misapplying her ideas, often intentionally.

Mon, 12/16/2013 - 07:17 | 4249980 mojine
mojine's picture

You are completely fucking insane to insist that because some assholes claim to "follow Rand" and then take actions which are antithetical to everything she stood for, that Rand is to blame.

Look how many of the same assholes claim to "follow Christ".
I guess Jesus preached war. You are blind to the difference between wealth honestly acquired, and wealth obtained through the coercion of government. You are never going to convince anyone here who is capable of logical thinking.

Sun, 12/15/2013 - 17:50 | 4248945 Oldwood
Oldwood's picture

Yes I agree, Rand IS the villain here. Her ideals obviously have dominated our economics and politics for years. Luckily the Marxists, Stalinists, Maoists, and Keynesians have had no impact what so ever. We rely on your ever insightful analysis to point these critical factors out to us.

Sun, 12/15/2013 - 18:38 | 4249018 LetThemEatRand
LetThemEatRand's picture

For once I agree with you.  Rand is just as bad as the Maoists and Keynesians and the others you listed, and they all have had a major influence on our society because people think these black and white solutions work in real life.

Sun, 12/15/2013 - 19:02 | 4249058 Oldwood
Oldwood's picture

A person's loss of freedom is always accompanied by grey thinking. Just surrender a bit more freedom for safety and protection, yet you feel less safe and need more protection. Do you ever wonder how we got here? Was it because rugged individualists were out clubbing people over the head, taking their hard earned possessions or was it the State that was doing the bulk of the theft and loss of freedom? How much of our GDP do they spend now and how many are in prison? Do you feel safe? Do you really want MOAR protection FROM your government?

Sun, 12/15/2013 - 19:26 | 4249090 LetThemEatRand
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If you ever read my posts on the NSA etc, it is quite the opposite.  I fully agree that the MIC/Homeland Security/militarized police etc are completely out of control.  I'm not sure what you mean by grey thinking, though.  To me, I would feel unsafe if there were no police and no military at all.  I don't personally want to feel the need to carry an arsenal for my own safety when I to go to store.  Even assuming that all countries would just agree all at once to deband their own militiaries so we only need to worry about our individual protection from other individuals, if elected government were taken out of the protection business it would be replaced by private protection.  And of course that would never get corrupted and there would never be warlords and others who would raise bigger armies and take over individual communities and that sort of thing, right?   No thanks.  I want an elected government answerable to the people, not warlord thugs protecting my community or worse, the guy or guys with the biggest gun and the best shot gets to call himself leader.  That was the model of society long, long, long, long, long before anything resembling modern governments existed.   Grey thinking is the answer, not the problem. The problem is black and white pure ideological thinking.  All or nothing.  With us or against us.  Mao.  Keynes.  Lenin.  And so forth.

Sun, 12/15/2013 - 20:04 | 4249168 centerline
centerline's picture

Nice post LTER.

Sun, 12/15/2013 - 20:10 | 4249182 LetThemEatRand
LetThemEatRand's picture

Thanks, man.

Sun, 12/15/2013 - 20:06 | 4249173 Oldwood
Oldwood's picture

I can't speak for you are anyone else but while I have never been in jail or arrested for anything in my life, I honestly think I fear the power of the State more than that of a criminal. As far as I know there has always been crime and as I also understand it, when seconds count, the police will be there in minutes. I have a CHL but after getting it and going through the required classes I found myself fearful of ever using it. While it is lawful for me to carry a gun concealed, it is not legal for me to expose it, and if I ever do expose it I will be subject to charges from a grand jury with potential fines and imprisonment. Meanwhile the streets are littered with thugs charged and convicted of violent crimes, turned loose. Law enforcement is about controlling us, not the criminals. Every criminal act perpetrated increases demands and power of government and the loss of our freedoms. No, I think I would rather take my chances with criminals than the criminal "system" which has likely been responsible for as many personal bankruptcies as healthcare. Most of my forefathers survived without government protection living predominantly rurally and were under a greater threat from our government through military service. I'm not arguing against laws, just that it has gone way way too far. The grey thinking to which I refer is the constant capitulation of liberties to government, knowing full well they cannot and will not provide anything close to what they offer for anything less than a full surrender of all of our rights. We will live in a cage, and still not be safe. Ask someone who has been in prison.

Sun, 12/15/2013 - 20:25 | 4249192 LetThemEatRand
LetThemEatRand's picture

I get what you're saying, but we don't live in colonial times.  There are huge cities of millions of people full of thugs now, and they have automatic weapons.    If we all literally ran for the rural hills, these guys would raid us and sure as shit corrupted Blackwater types would start selling their services to the highest bidder and they would start conducting their own raids on communities who didn't want to pay them.   The founders of this country had a very good reason for developing an elected government and not just living in the woods with a gun, and in those times they probably could have survived just fine doing the latter.  But their system has been corrupted beyond belief.  We need to take it back, not abandon it.  I truly believe there is a balanced answer involving elected government.  

Meanwhile, Mrs. LetThemEatRand thinks I should put my keyboard down and eat dinner, so we can pick this up another time.

Sun, 12/15/2013 - 20:49 | 4249244 Oldwood
Oldwood's picture

I guess at the heart of it I really don't think a person can ultimately make anyone else responsible for their welfare. This is a fundamental difference in our thinking. There will always be crime and injustice. If we accept this then we also have to accept that there is some ultimate optimal level or compromise of freedom. This has never come into discussion as far as I know. Sure there is a push for more and a push for less, but never really any acceptance of a lack of perfection. How do we know when it is as good as it gets? How will we know when we have reached optimal government size and scope? Is the test that as long as any injustice persists, that answer is more and more government? My contention is not the size, but that the size, as it gets larger, makes corruption more and more assured and inefficiency greater. The simple ACA website debacle demonstrates this completely. We built our military from scratch and won WWII in less time than it has taken them to make a completely fucked up website. It just drives me nuts that so many are ready to hand them ever more power to fix things that they have completely fucked up, in the belief that all will be right if we just get rid of corruption. YOU CAN"T GET RID OF CORRUPTION! it is inherent in the system. It has no other way of operating. This is why we outlawed monopolies. Not because those engaged in it were necessarily doing anything wrong but because it made corruption incredibly probable and almost impossible to prevent. But we allow it in government and unions and then acted amazed that they are packed with corruption. Transparency and accountability are the only things to stop corruption and those will never and have never occurred with large centrally controlled governments.

Sun, 12/15/2013 - 22:29 | 4249445 LetThemEatRand
LetThemEatRand's picture

"YOU CAN"T GET RID OF CORRUPTION! it is inherent in the system."

It is inherent in mankind.  That is the rub, and that is why there is no perfect solution.  Perfection and simple answers exist in books.  These issues have been debated as long as we as modern humans have existed.  As Hobbes said about mankind without some form of government (preferably elected):

"In such condition, there is no place for industry; because the fruit thereof is uncertain: and consequently no culture of the earth; no navigation, nor use of the commodities that may be imported by sea; no commodious building; no instruments of moving, and removing, such things as require much force; no knowledge of the face of the earth; no account of time; no arts; no letters; no society; and which is worst of all, continual fear, and danger of violent death; and the life of man, solitary, poor, nasty, brutish, and short."  1651.

It says a lot that all of these centuries later we are all still having the same debate about where to draw the balance between pure individual liberty, and tyranny.  The answer is that there is no answer.  We just have to muddle.


Sun, 12/15/2013 - 23:52 | 4249615 A Nanny Moose
A Nanny Moose's picture

I want an elected government answerable to the people, not warlord thugs protecting my community or worse

We have had elected government for roughly 250 years. It has not worked. In fact, it led us right to where we are....the biggest, most powerful and violent monopoly on coercion, the world has ever seen.

Why do we need government at all?

Mon, 12/16/2013 - 01:47 | 4249771 Canoe Driver
Canoe Driver's picture

Rand's notions are not black-and-white. They are merely simplified by the reader, straining for a palatable interpretation.

This has also happened with most orgainized religions. They are misused, simplified, misinterpreted. I do not suggest Rand started a religion, but that religions are also forms of philosophy, however flawed. Rand's philosophy is more than a mere religion, because it encourages free thought and analysis.

Disclaimer: I am neither religious, nor a Rand fanatic.

Mon, 12/16/2013 - 01:38 | 4249759 Canoe Driver
Canoe Driver's picture

Many philosophies and religions are misused by people with ill intent, and also misinterpreted by morons. That Rand's ideas are misused and misapplied is not at all relevant to the value of her philosophy.

Sun, 12/15/2013 - 21:41 | 4249350 starfcker
starfcker's picture

stupid, scared tribal animals? dude, our society is in the condition it's in because men have neglected to protect what is near and dear to them

Sun, 12/15/2013 - 16:57 | 4248855 A Nanny Moose
A Nanny Moose's picture

The point being that The Fed is antithetical to the objectivity.

Sun, 12/15/2013 - 15:56 | 4248741 greatbeard
greatbeard's picture

>> That is all.

That's enough.

Sun, 12/15/2013 - 16:37 | 4248820 sgt_doom
sgt_doom's picture

Greenspan was also fired when he was at Chase by Michael Hudson (easily one of the two top economists living today in America, along with Michael Perelman).

Greenspan then managed (somehow) to procure a position with Brown Brothers Harriman, one of the oldest, if not the oldest, private wealth banks around.

Greenspan was appointed to the Fed not for his competence, which he never possessed, nor anything other than his "yes man" behavior.

The ultimate bankster familiar.

Sun, 12/15/2013 - 16:55 | 4248850 A Nanny Moose
A Nanny Moose's picture

More poison well fallacy. What exactly did Greenspank do at the helm of the Fed, that followed Rand's philosophy, or even his own writings of the time? Are we on a gold standard at present? No? Didn't think so.

"Objectivism" did not fail. Power corrupted as it always does. The need for The State is precisely where Rand went wrong. Objectivity and self-determination are both mutually exclusive to the existence of The State. It is the religion of Statism that is failing, not Objectivity, and self-determination.


Sun, 12/15/2013 - 18:16 | 4248976 joego1
joego1's picture

You need to study your Rand before you can successfully bash it.

Mon, 12/16/2013 - 01:28 | 4249750 Canoe Driver
Canoe Driver's picture

Greenspan never tried to create or even to endorse a world as envisoned by Rand. An economic system of cronyism and nepotism is not what Rand was suggesting. Most of the people who have the type of ability that Rand felt should characterize a proper leadership are laboring away in obscurity. Instead, power goes mostly to those who are born wealthy, regardless of their ability. And the so-called "elite" universities are there only to lend a veneer of legitimization to pre-exisiting wealth and power, certainly not to "educate." 

We live in a world run by idiot sons. Wake up, sheeple.

Sun, 12/15/2013 - 15:48 | 4248721 Yen Cross
Yen Cross's picture

    Greensnake should really finish moulting before he goes out in public...

Sun, 12/15/2013 - 16:23 | 4248792 Angus McHugepenis
Angus McHugepenis's picture

Yen: Why do all these high power international bankster types seem to be the ugliest fuckers ever born? Fucking Greenspittle looks like a freshly opened can of smashed assholes. He should be banned from photography and video. This fucker could scare Seal Team 6 just from his looks.

Sun, 12/15/2013 - 16:30 | 4248803 akak
akak's picture


Fucking Greenspittle looks like a freshly opened can of smashed assholes

Angus, you made me literally spew tea all over my computer screen with that one!

But honestly, the man looks worse than the after picture of Dorian Grey.  I think he died a decade ago and nobody bothered to tell him that he was deceased and decomposing.

Sun, 12/15/2013 - 16:42 | 4248821 Angus McHugepenis
Angus McHugepenis's picture

akak: Now try sleeping tonight with that thought in your head!

Sun, 12/15/2013 - 16:49 | 4248833 akak
akak's picture

Alas, alas, three financial bubbles alas, just have to have nightmares with it.

Now, here's an image that will REALLY put the dry heaves in motion: picture Greenspasm (doesn't matter at what age) having sex .... with Ayn Rand!  Put a bag over BOTH their heads AND the bed!

Sun, 12/15/2013 - 17:04 | 4248867 Angus McHugepenis
Angus McHugepenis's picture

akak: True love knows no boundaries for visual excitement amongst the UGLY. Greenspittle/Rand having sex would be like watching an old folks orgy. It'll burn the retinas out of your eyes unless you wear proper goggles. I think those two were doing the funky chicken. Hopefully they didn't produce any offspring. The poor kid would look like Spongebob.

Sun, 12/15/2013 - 17:19 | 4248898 TheFourthStooge-ing
TheFourthStooge-ing's picture

Think lemonparty with Andrea Mitchell.

Sun, 12/15/2013 - 17:23 | 4248904 Angus McHugepenis
Angus McHugepenis's picture

Stooge: I had to look up Andrea Mitchell's photo. I know what you mean now, lol...

Sun, 12/15/2013 - 17:16 | 4248890 TheFourthStooge-ing
TheFourthStooge-ing's picture


Fucking Greenspittle looks like a freshly opened can of smashed assholes.

Ah, ah, why you settle for canned smashed assholes? At JKC* you guaranteed smashed assholes daily the freshness. This week luncheon special obtainment stir-fried smashed assholes with calamari in spicy ginger sauce goodness makings.



*Just Killed Cat, Chinese citizenism fastfood franchise popularly.

Sun, 12/15/2013 - 17:27 | 4248910 Angus McHugepenis
Angus McHugepenis's picture

Stooge: I'm NEVER eating at your restaurant!

Sun, 12/15/2013 - 17:58 | 4248956 TheFourthStooge-ing
TheFourthStooge-ing's picture

Ah, ah, US 'american' citizenism citizen like me could never do justice to authentic Chinese citizenism cuisine as provided by JKC judiciously.

AnAnonymous having many JKC franchisements pouring much labors expansion the dangdang, giving chastisementory reliefs to US 'american' citizenism citizens from Easter Island fabled pasts.

Sun, 12/15/2013 - 18:07 | 4248963 akak
akak's picture

The keystone to properous Chinese Citizenism cookeries lies in focusing on the mattering thing, the ananonymysticalness, that being the crustiest bits of it.  Then you will have something.

But hey, when the cat is out of the bag, might as well put a kitten in every pot.

Sun, 12/15/2013 - 15:53 | 4248729 TheLoveArtist
TheLoveArtist's picture

Another movie about the JEWS?  What is it in this world this Tribe of Albino Gypsies hasn't stolen?  Make a movie about that.

Sun, 12/15/2013 - 15:55 | 4248735 TheLoveArtist
TheLoveArtist's picture

Leolom Tickach = Always Take!! (Jewish Proverb)

 Palestine = Stolen and rebranded as Israel

 German language = Stolen and rebranded as Yiddish

 German science = Stolen an rebranded as JEW Innovation

 German culture = Stolen and rebranded as JEW classical music virtuosos

 Palestinian history = Stolen and rebranded as kings and city states of Jews in Book of LIES the Torah

 Eastern European women = their passports Stolen and forced to work as SEX SLAVES

 Poor Brazilians = their organs Stolen to keep JEWS alive

 US taxpayer money = Stolen as foreign aid for JEWTOPIA by AIPAC

 US pension funds = Stolen by the JEWS on JEWSTREET = Wallstreet

 USA Democracy = Stolen as JEWTOCRACY


Actually, Judaism is not a religion. It is a money worshiping racist cult.

Sun, 12/15/2013 - 19:06 | 4249073 Andy Lewis
Andy Lewis's picture

Fuck off and die, Nazi filth.

Mon, 12/16/2013 - 03:38 | 4249717 TheLoveArtist
TheLoveArtist's picture

Andy you Jews are the real Nazis and you have been kicked out of more countries than one can count and the reason is obvious but let me put it for you in the words of one of Europe's Greatest Statesmen, Frederick the Great, who wrote in his Testament politique that:  We have too many Jews in the towns. They are needed on the Polish border because in these areas Hebrews alone perform trade. As soon as you get away from the frontier, the Jews become a disadvantage, they form cliques, they deal in contraband and get up to all manner of rascally tricks which are detrimental to Christian burghers and merchants. I have never persecuted anyone from this or any other sect; I think, however, it would be prudent to pay attention, so that their numbers do not increase..

Why the anger Andy, the Gentiles should be the ones full of anger at your tribe that never ceases to 'TAKE' what is not theirs.  A Clan of Thieves.  The only reason the Fiddler was on the Roof was because he was trying to break in, but if seen he breaks into a song and dance routine.  I mean the scale and scope of your transgressions is astounding.  You are the same people that tried to deceive YHWH,  but I guess if you have Satan's Pitchfork = The Menorah as your standard what would one expect otherwise.

Mon, 12/16/2013 - 03:47 | 4249863 TheLoveArtist
TheLoveArtist's picture

Andy, I have put down a lot of evidence in my posts yet you dismiss me with foul language.  I am more than ready to debate the negative role of JEWS in Western society.  We can have a rational dialogue.  You JEWS always resort to dismissive abusive language, or screaming anti-semitism, or calling anyone that disagrees with you in need of a visit to a JEW psychiatrist, I understand its just the Tribe's way of drumming up business and self promoting.   Merry Christmas to you Andy Lewis.  May Santa bring you a better disposition and holiday cheer.

Sun, 12/15/2013 - 16:01 | 4248751 Caviar Emptor
Caviar Emptor's picture

All I know is that soon we'll be able to shop till we drop again. That is the goal. And if the Fed can make it come one day sooner, regardless of cost, we should all raise a glass of eggnog to them. 'Zat you, Sanny Claus?

Sun, 12/15/2013 - 16:03 | 4248754 Future Jim
Future Jim's picture

I think I may have come up with fairly accurate allegory that will be comprehensible to many, and I'd like to know what fellow ZHer's think of it?

The Funger Games

If you can understand the allegory of The Funger Games, then you can understand how the world really works …

In the Funger Games, Federal Reserve would assemble the 12 most favored banks (who own the Federal Reserve) and say to them:

Welcome to The Funger Games. The name was inspired by the fungibility of money. You are the 12 chosen banks.


The Federal Reserve shall print 3 trillion dollars out of thin air and inject it into the economy. We could just distribute it to everyone evenly, but instead, we shall distribute it amongst you – the chosen people – at zero percent interest. You must take your share, and you are not allowed to pay it back for 100 years.


The 3 trillion dollars shall enter the economy regardless of your actions; however, not all of the chosen people are equally worthy. Your share shall be determined by your performance on a series of puzzles that will be more easily solved if you acquire all the best young minds in engineering, mathematics, and the physical sciences.


To acquire and protect your investment in all the best young minds in science and engineering, you must also acquire all the best minds in business, law, and politics.


Those who acquire the biggest share of all the best minds shall likely win the largest share.

If you can understand The Funger Games, then you can understand how the world really works because it is similar to what is actually happening, and would have pretty much the same effect on the world.

If you find it hard to believe that The Funger Games is an accurate allegory to what is really happening, and you want to learn the full cause and effect, read What is Wrong With the People.

Sun, 12/15/2013 - 16:06 | 4248764 falak pema
falak pema's picture

Survival of the fattest seems to be getting some alarm signals !

December tapering...

NSA considering Snowden Amnesty...

Next we know...Obammy will declare China /EU/ UN security council  world Gendarme and pulls back US forces from all over the globe.

Sun, 12/15/2013 - 16:12 | 4248774 Atomizer
Atomizer's picture

No one ever talks about the Clintons during this event. The very person who signed the housing debacle into effect. Many years later, Greenspan told many viewer’s to multiple options on the table under the Clinton administration.


The Key to Fixing the Housing Market?

Buying and burning homes was the low cost option, but not a viable plan, said Alan Greenspan. Discussing the government’s role in fixing the housing market.

Sun, 12/15/2013 - 16:20 | 4248781 Manipuflation
Manipuflation's picture

So true.  Thank You Tylers.

"Sadly this is where we differ, for it is Zero Hedge's opinion that not only is it now far too late to promote any type of change at the top, but the best policy is to urge the Fed on in its ludicrous policies, in order to lead to the catastrophic culmination of 100 years of disastrous wealth-transfer policies, which unfortunately is the only possible way a cleansing systemic reset - one that would finally eradicate the scourge of central-planning - can be unleashed upon a broken and malfunctioning system in its final throes of status quo existence."

Sun, 12/15/2013 - 18:42 | 4249000 Radical Marijuana
Radical Marijuana's picture

Yes Manipulation, I noticed that quote most too.

I WISH that I was as optimistic as Zero Hedge!

Judging from its Web site and trailer, that movie is still relatively too mainstream for my taste. What makes that movie most interesting, also appears to be its weaker side too. Since the basic view is relatively mainstream, that documentary appears to have succeeded in getting many mainstream people to appear on camera, which is quite interesting in itself. Yet, that is also the glaring weakness at the same time.  But nevertheless, eventually, I hope that it comes out for free to watch on the Internet, so I can add it to my collection of favourite videos about the monetary system:

The Federal Reserve Board was the achievement of the biggest gangsters, the BANKSTERS, in corrupting the government, to legalize private banks being able to counterfeit the public "money" supply, while the government forced everyone, including itself, to operate within that system. However, that was just the tip of iceberg, since MONEY IS MEASUREMENT BACKED BY MURDER.

The day dreams regarding ending "the scourge of central-planning" do not appear to address how the murder system death controls are going to operate after the breakdown of central authorities. The collapses of empires appear to be necessary, but not nice periods of history for those living through them. The collapses of the globalized systems of electronic fiat money frauds, backed by atomic bombs, could become trillions of times worse than anything previously. It is nostalgic nonsense to think that the required "cleansing systemic reset" would be anything like what happened during the dips in previous human history.

Sun, 12/15/2013 - 16:23 | 4248789 Hubbs
Hubbs's picture

If only could one could  get this simple idea across to the masses:

If you do not understand how and why the FED Reserve System/fractional banking system works, you are doomed to eternal debt (slavery) and downward living standards.

Sun, 12/15/2013 - 17:05 | 4248865 A82EBA
A82EBA's picture

the poorist among us have cell phones, big screens,  free govt money & dont work. What exactly are they to take away from lessons on fractional reserve banking?

Sun, 12/15/2013 - 16:27 | 4248794 Atomizer
Atomizer's picture

Greenspan on How to Fix the Economy – good interview, the leaking boat hole analogy.

Sun, 12/15/2013 - 16:47 | 4248818 Atomizer
Atomizer's picture

Watched the first video. The systemic problem speaks in volumes, well done.

Hello Lagarde, can you hear me NOW! Pushing paper doesn't create a thing. Once the robot worker replacements begin, how can you mathematically collect income? What will that income consist of? Perhaps you should read Agenda 21. Can we send you into space to help the sun generate more CME activity?




Sun, 12/15/2013 - 16:41 | 4248826 lynnybee
lynnybee's picture

WE'VE BEEN SWINDLED & SCAMMED & LOOTED DELIBERATELY.   nothing is "just happening."   it's all a plan, plot, swindle, theft, looting, you name it.  & the swindle started in 1913 .

Sun, 12/15/2013 - 16:51 | 4248843 Seize Mars
Seize Mars's picture

I agree. There is really nothing mysterious here. It's a system to steal. That's about it. In general, I would say, any system that controlled centrally is a method of theft.

Sun, 12/15/2013 - 17:00 | 4248858 GreatUncle
GreatUncle's picture

that not only is it now far too late to promote any type of change at the top, but the best policy is to urge the Fed on in its ludicrous policies, in order to lead to the catastrophic culmination of 100 years of disastrous wealth-transfer policies, which unfortunately is the only possible way a cleansing systemic reset

The design of the game, the metrics they used guaranteed them as winners and they won the game.

I really suspect they don't know what to do now because to win was not supposed to mean you lost.

In the current system the elite 1% could parachute drop 99% of wealth into the perfect system the money would flow straight back to them for use and repeat 2008 all over again.

Was never a money tree, it was a mechanism to ensure those considered more worthy could never lose but in ZH words "on a long enough timeline" with constant YOY profits and excess they would own everything.


Sun, 12/15/2013 - 17:07 | 4248869 infinity8
infinity8's picture

Fine. I'll just be pissed off all weekend. Watched "Dirty Wars" last night: - (reccommend), now this. And please, in the name of all that is holy, STOP putting up pictures of that shrivelled cunt greenspan!

Sun, 12/15/2013 - 17:16 | 4248872 Atomizer
Atomizer's picture

To understand today’s financial crisis, you must understand the long history of government interference and subsidies for housing and housing debt <-----

Start from the begining, pause at 1992.

Your fucking welcome!


Sun, 12/15/2013 - 17:20 | 4248894 koan
koan's picture

"Germany’s unforgivable crime before WW2 was its attempt to loosen its economy out of the world trade system and to build up an independent exchange system from which the world-finance couldn’t profit anymore. ...We butchered the wrong pig."
-Winston Churchill (The Second World War - Bern, 1960)

That's correct Winston, you should have slaughtered all the bankers instead.


"We made a monster, a devil out of Hitler. Therefore we couldn’t disavow it after the war. After all, we mobilized the masses against the devil himself. So we were forced to play our part in this diabolic scenario after the war. In no way we could have pointed out to our people that the war only was an economic preventive measure."
- US foreign minister James Baker (1992)

"The war wasn’t only about abolishing fascism, but to conquer sales markets. We could have, if we had intended so, prevented this war from breaking out without doing one shot, but we didn’t want to."
- Winston Churchill to Truman (Fultun, USA March 1946)

Sun, 12/15/2013 - 17:17 | 4248895 lead salad
lead salad's picture

Money for nothing and your chicks for free....

Sun, 12/15/2013 - 17:20 | 4248899 lynnybee
lynnybee's picture

in the 1930's American citizens were swindled out of their mortgaged farmland & gold coins.   this time around the same parasites are after the real estate, the retirement accts & equity shares.    THEY WANT TO OWN IT ALL & THEY WANT US TO GO AWAY (read into that whatever you want),  IT'S the BANKRUPTCY for PROFIT BUSINESS MODEL USED ON THE WHOLE COUNTRY.   & the cherry on top is OBAMACARE with genocidal policies & the I.R.S. will make sure to put liens on those few people who have paid off homes.   ( i still have my grandpa's old pitchfork from the late 1800's, too.)  

Sun, 12/15/2013 - 17:34 | 4248923 joego1
joego1's picture

Ok Thanks, Just purchased a copy. When I'm done with it goes to the kids.

Sun, 12/15/2013 - 17:40 | 4248928 q99x2
q99x2's picture

Just Bit this, Bit that, Bit download that shit homey if you want to watch it.

Up my FASFA Yellen M'Fer. Counterfeit that Fiat into UGLY er until you blow yourself up bitchez


Its on like Donky Kong. Bitcoin: Last:$903.00

Sun, 12/15/2013 - 18:37 | 4249014 Serfs_Up
Serfs_Up's picture

Oh how nice..truth being floated like a fart in the wind...maybe I should have taken the Blue Pill instead


Sun, 12/15/2013 - 18:48 | 4249034 AUD
AUD's picture

Money For Nothing is the first film to ask why so many facets of our financial system seemed to self-destruct at the same time?

I can answer that question without watching the video. It was all junk.

Sun, 12/15/2013 - 19:11 | 4249085 yogibear
yogibear's picture

It's guys like Greenspan that are the problem.  

Sun, 12/15/2013 - 20:05 | 4249169 JailBanksters
JailBanksters's picture

There won't be a real financial reset until every Wall St Banker and their families are Whacked along with crooked politicians.

Mon, 12/16/2013 - 00:03 | 4249632 nah
nah's picture

if it wasnt for money you wouldnt have shit bitchez!

Mon, 12/16/2013 - 01:20 | 4249743 Atomizer
Atomizer's picture

Greenspan must have one foot on a banana peel & the other approaching his dirt bed grave. The last minute confession’s to clear his mind of any wrongdoings.



Mon, 12/16/2013 - 02:20 | 4249798 Cthonic
Cthonic's picture

The only way to make things more surreal, would be to hold the next board meeting at the Figueres Dali Theatre.  Aliyah!

Mon, 12/16/2013 - 06:11 | 4249949 NuYawkFrankie
NuYawkFrankie's picture

Offer Greenspan a limited-time amnesty.

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