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Bill Maher feels disconnected from the Fed
Sunday, August 02, 2009
Bill Maher talks to Niall Ferguson about Ron Paul's bill to audit the central bank and Elliot Spitzer's recent comments that the Federal Reserve is a giant Ponzi scheme.
Is it just me or is Ferguson one of the worst apologists for the Fed? Not only does he come off as being arrogant and pompous in the exchange with Joe Queenan, but he seems to have no inkling that the system just might be fundamentally flawed as he defends the swell job that Ben Bernanke has been doing lately in propping things back up.
6 comments:
Niall is smart but yes pompous.
"The FED is not a Ponzi scheme"
That British twit would have said the same about Madoff until somebody spoon fed him the facts.
You gotta love how airheaded British Twits have been conning the world with that pompous made up accent for hundreds of years...and they are still pulling it off.
What the Fed is, is insolvent. Have a quick look at their balance sheet:
http://www.federalreserve.gov/releases/h41/Current/
I see $2.1T of assets (which do not fully account for their off balance sheet commitments). I see $50B of capital supporting those assets. We know the Fed will not tell us what they are investing in, other than the fact that it is murky stuff.
The Fed is severely undercapitalized at best and insolvent in the likely scenario, and it will not tell us what it is buying nor the price paid. As if this wasn't clear enough already.
Agreed with Trader Mark, that was a fairly unconvincing and pompous defense of Bernanke.
Give me a break. Lets get one thing straight. Money in the form of coin was made of gold, or silver. Now its made of steel. And the paper money is backed not by gold or silver but a promise to pay this company back called The Federal Reserve Bank. They print this stuff which is like company script. This guy is a BS artist. The printing money needs to be returned to the Treasury. Gold is gold, silver is silver and paper money thats is backed by congress's ability to tax you and I is a contract to provide services.
In other words the money is backed by you and I working to pay you anf I the money we have in our pockets.....I like gold, Ii don't want money to be a contract based on a promise. So with due respect to our fine professor, do go back to england, please take you fiat system with you. Not one fiat system has ever survived...not one, but gold, well its pretty old, infact I don't care if its old or just pulled out of the ground,I like it, so does everyone else on the planet. Only the world bank and the federal reserve don't like it....funny huh? Now thats global currency.
Yes I've seen him apologize for the Fed before.
Very peculiar given his intelligence.
Maybe suspicious > peculiar.
Ferguson is someone I've always wished I could buy for what he's worth and sell for what he thinks he's worth.
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