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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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/8xgDlwyEc1o/story01.htm Tyler Durden