VIDEO: The Fed Stooges

On Sunday night, 60 Minutes treated the American public to a sit-down interview with the current Federal Reserve chairman and his two immediate predecessors.

Hilarity ensued.

Not really...unless you enjoy gallows humor.

In the below video, Chris explains why this relatively gentle puff-piece assisting the Fed's hawking of its "All is well!" message is an intentional soporific, designed to keep the populace slumbering in ignorance of the extreme danger reckless central bank monetary policy has placed society in.

Price discovery in the financial markets has been destroyed, resulting in vastly overvalued asset prices that must painfully correct eventually. The elite 1% has become far richer than it was a decade ago at the 99%'s expense. Savers have been terribly punished. The prospects of the generations following the Baby Boomers have been tragically eroded.

In reaction to the above unfairness, our social fabric is fraying. We are more polarized than ever, more willing to fight with the factions who don't share our beliefs, and more willing to tear down the fundamental pillars of our society is built on.

Thank you Federal Reserve!

This is a companion discussion topic for the original entry at

60 Minutes didn’t miss any opportunities having Larry, Curly, and Moe on their show. The agenda of the news media is to serve the interests of those who manage the economy, and no surprize, the economy is managed to serve the people that own and control the wealth of America. As Hamilton and Madison, and the other founders of the same ilk proposed, only those who owned land (property), the “more responsible men” like themselves, should have the right to control the affairs of government.
Unfortunately, freedom of the press loses it’s value as a concept when what has replaced them requires having access to a finite number of suitable radio frequencies that have been monopolized by half a dozen corporations that propagandize the population to the extent that they exsist in an alternate reality. The fact that so many intelligent informed people have thought that the extend and pretend economy could never last as long as it has, convinces me that Fed policy is no accident. The inability of the human race to understand the exponential function may be our greatest shortcoming, but I don’t buy for a second that bankers suffer that shortcoming.
They are locked in a system, that they have locked us in too. We are steerage passengers on the Titanic, and they (the ownership class) are first class passengers. The captain and crew are functionaries and the captain, like a polititian serves the ownership class. The first class passengers are going to reside in their plush cabins and spare themselves no luxury, while the crew necessary to loot the pantry, also secures all the valuables from the Pursers Office, commandeers the life boats, and loads everything in to them. It doesn’t matter how many passengers suffer, or for how long on our doomed analogous ship.Totalitarian security measures are implimented because the Captain recieved reliable intelligence that there may be a terrorist on board. The first class passengers are going to enjoy the amenities of the ship until they can’t, and steerage will be made to bare and suffer any cost to extend their stay.
If the status quo had acknowledged the simple principles of what M King Hubbert said, especially after the 1973 oil embargo, and the steady decrease in US oil production that had started 2 or 3 years prior to that, then we wouldn’t be where we are now. Maybe Regan’s astrologer told him to tell us how special americans are, and to have faith in our “can do spirit” because being sensible and relying on the best available information wasn’t the american way. He trashed Carter’s energy policies and the best chance america had to come to gripps with a depleting supply of energy. If the status quo had given up their doomed-to- fail ideology, and followed the guidelines recomended in the Hirsch Report, we would be living in a way different environment now.
The policy makers of america have gambled on a path of militarism. At this point, it isn’t what america gains from the massive military and surveillance complex, but that we can’t exist without maintaining our military presence around the world. A consumer economy is in reality a parasitic economy. Americas economic infrastructure is a multi-decade exercise in malinvestment that has been built to serve the short sighted interests of magical thinking assholes that endorsed the theory that there was nothing wrong with being pissed on, it was only right after all. If you were a better/more qualified person than they were, you’d be being pissing on them instead. Strip away the dogma and self deception of “the american way” and what’s revealed from the start, is that people don’t want to think of it that way. Not because it isn’t true.
Look at the expectations of typical middle of the road Joe Public, for how public figures, those in authority, the wealthy, or anyone with a lot of social status is treated for any variety of socially unexceptable behavior. Pick a crime. Subconsciously Joe Public will hold them to a different standard of justice and/or punishment. The cost people pay for white colar crime is probably incalcuble, and just the cost of what JP Morgan did in Jefferson Co. Alabama, that one immense scam, cost probably more than all the property crime in america that year. The bank was fined, and made to pay reperations i’ve heard, but bankers busted for paying bribes don’t go to jail
A root file with the extension .empathy in our biological social programming has been corupted, and we are not designed, nor have we evolved to live in networked hives. Our social life is artificial, our personal relationships are primarily transitory and mostly casual, and even when multiple long term relationships exist, it’s not the same as functioning as a group and enjoying the surplus benifits of sharred work. The impersonal relationship between employee and employer, between forman/boss and those bossed, apparently evolved from a master/slave arraingment that’s even more inapropriate than the one we have now. A person being pissed on lets the person pissing on him do his thinking, and the higher up the ladder, the greater the complexity of contradictions and conflicts, which is reciprocated by a greater reliance on reaffirming internal dialog which further disables the ability to think. On one end there is won’t and/or can’t think, on the other is can’t, or corrupted thinking with attitude. Mix it all together on a foundation of unassailable lies, in a robust environment of shifting lies, pick a destination, plot a course, and navigate your way there using reality as a bearing.
When I look at everything that has been built in america, the roads, power grid, sewers, all that stuff, and all machinery brought here, I don’t see wealth, I see wealth spent. I see malinvestment that I don’t see the rest of the world paying for, at least not much more than they already have. The financialization of empty promises, can only be supported for as long as it takes the rest of the world to untangle it self from the web it’s in, and for americas military to remain relatively unscathed. Contrary to the opinions of most, I don’t see that America failed in Iraq, Afghanistan, or Libya. At least not yet. They achieved their objective. The gamble that the warmongers have made includes us. America doesn’t produce what it uses. People talk of China being in bubble, or it’s debt problems, or some other problem, but there is a big difference between, lets say a currency collapse or financial cataclysm, which if it were in China would be global, as compared to the effects of what would happen in america. A currency collapse would make all of the american debt held by other countries worthless. Some countries have a significant part of their wealth held as US debt. With it all gone, everyone would quit pretending it was worth something, and move on, but america wouldn’t. Finance, debts, who owns what where, who owes who, are all problems that can be solved with a gun. The orginization and utilization of labor can be done with a gun. Deals will be struck between those that have the capasity to produce necessary goods. China has something to offer the world and everyone knows it. Even if the warmongers dreams came true, and america gained control of the middle east’s oil, China would be the biggest importer. So much of what america needs comes from China, so China would get the oil anyway, and just like now, americans would be getting stuff from China for free.
America couldn’t survive a collapse of its currency, and won’t survive as a country if it can’t prevail in its efforts to neutralize Russia as an obstical in securing the oil of the middle east. That’s the plan. If Russia were to succumb, Iran would be isolated, and america would set to work destablizing it. Countries without a functioning central government in control are defenceless. Differentiating targets between people, isolating the targets, then eliminating them is slow going, but if Russia were out of the way, then the solution would be obvious and easy, just kill everyone until the resourses could be extracted without incident.
The Fed needs to keep the economic boat afloat for the military to suceed in gaining control of the oil required to fuel americas economy. How much of what goes on in the stock markets is an illusion? How many high frequency trading computers would it take working together to create an illusion that value was being exchanged? Isn’t that what they do already? The failure of US machinations in Ukraine to have the desired effects saught on Russia, leads me to believe that it is very unlikely that america is going to succeed in its military hegemony over the world.

Car loan defaults may not be a good indicator for the state of the economy. Currently, unemployment is low, people can find jobs. It may be the problem is once they have a salary, they spend too much, take on too much debt and end up defaulting on loans. If you are spending over 30% on housing, then you take on a car payment for a brand new big pickup along with the wonderful depreciation as you drive it off the lot, have cable television, spend $100 a month on your phone, and think you can go to the Carribbean twice a year with your family of 4, you’re simply not good at math. Even if you make 150k a year, you can’t afford to do that. The belief that you can afford all this stuff is insane. The fact that Americans believe they deserve all this stuff is madness. None of us really can afford it. But we all believe we deserve it. Without humility and modestly you’ll remain in debt forever and you may even default on your car loan.
Before you have cable TV, an iphone, a massive 2000 sf home, a car over worth over $10,000, you should be saving a minimum 40% of your pay, have no debt, and have 6 months emergency funds just in case you can’t work for some reason. Then, maybe you should consider a 1200 sf house (if you can find one). It could be that more car loan defaults just means more people have car loans that don’t understand mathematics, saving, and living modestly, and, importantly, how to reject societal pressure to live above their means.