Greenspan on the Daily Show


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I just saw Greenspan on The Daily Show (Jon Stewart).

Stewart led off asking why the Fed is needed in a free market.

Alfonso

I noted that as well. Since the publication of his book, I've heard several interviews with Greenspan in various media--and Stewart was the most incisive interviewer of the lot. Scads of journalists interview the guy, and a former stand-up comedian and denizen of MTV proved to ask the most interesting questions...Which is another topic in itself....

I will reserve comment on the Fed's necessity--or not--in a free market as I have not read enough nor know enough about economics to comment intelligently. I eagerly await comment from people more familiar with the subject.

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I will reserve comment on the Fed's necessity--or not--in a free market as I have not read enough nor know enough about economics to comment intelligently. I eagerly await comment from people more familiar with the subject.

Peri,

Take 45 minutes of your time and watch this cartoon (it's a literal cartoon and it's free):

Money as Debt

This will give you a notion of what the Fed does in very simple and entertaining terms (and probably get you thinking in a weird direction). I have seen it 3 times already and each time it just gets better. After you do that, you might want to review the material (including linked videos) given in this thread on OL:

Money and Politics - The Money Masters

I usually find economics terribly boring, but these sources strongly held my interest and were more informative than all the materials I have read and learned up to now.

Michael

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I wish I could have seen this episode. I love the Daily Show. I looked for it on youtube, but didn't find it. I did find this little gallup deal that showed a very small portion of the episode.

Comedy Central is suing Youtube over intellectual property rights, so youtube takes down immediately anything by Comedy Central.

But you can watch it on Comedycentral.com

http://www.comedycentral.com/motherload/in...ml_video=102970

--Dustan

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I usually find economics terribly boring, but these sources strongly held my interest and were more informative than all the materials I have read and learned up to now.

Michael

Michael -

Economics BORING?

Have you ever read Economics in One Lesson by Henry Hazlitt? A brilliant book, written with flair and clarity.

Or for the moral basis of Capitalism: "The Objectivist Ethics." (found in The Virtue of Selfishness, or Or the book "Capitalism: The Unknown Ideal." I'm not mentioning this for you, Michael, but just for completeness in case someone finds it helpful.

Alfonso

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Alfonso,

Yep. Haven't read Hazlitt's book, but I have read a great deal of similar things. Of course all the Objectivist stuff I have read more than once.

Boring.

I'll go out on a limb, also. I did not find much of that practical when I had to deal with certain financial matters. For instance, I ran up against international government bonds at one time in my life. Nothing I had learned served me except in a kind of kindergarten sense. I had to start from zero and learn from other sources. International banking ditto. As I was in Brazil and the Internet was full of conflicting information, I decided to learn from the US Government.

So I learned about how private banking works from the Senate's Permanent Subcommittee on Investigations (this has now been absorbed somehow by Homeland Security):

Private Banking and Money Laundering: A Case Study of Opportunities and Vulnerabilities, November 9 and 10, 1999

The same goes for correspondent accounts:

Report on Correspondent Banking: A Gateway For Money Laundering (2001)

I actually printed these things out and studied them for long hours. (Incidentally, despite the titles, I was not engaged in money laundering.)

Boring.

I could go on...

Still boring.

:)

Michael

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Chris,

I am sure the book is written in a light readable style. I just find the subject of economics boring. When they dressed it up a bit like in the videos I linked, and stated very clearly what real the components of the money supply were, that helped.

Here's a question for ya'. How much money is in the world? Does Hazlitt tell you how to find out?

Michael

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Michael, don't judge the book without have read it. It is not boring, it is so short that you don't even have time to get bored (you can read it in a few hours at most). It is not some complex textbook or a technical manual, it just gives a delightful exposition of an important principle in economics, which, simple as it is, is often overlooked by many people who should know better. I have little interest in economics, but this booklet was worth reading.

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My goodness, I have received a lot of suggestions on what do watch and read to learn something about economics! You folks always come through for me! :)

I'm afraid the reason that I don't understand much about economics thus far is that everything I've tried to read on the subject produces a reaction similar to MSK's--boredom...but I'm willing to revisit the issue!

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Peri,

I suggest you do the Money as Debt video linked above first. You will not regret it. You will lose 45 minutes out of your life. And at least you will then have a very practical frame of reference for why things don't always happen according to all the theoretical stuff that comes later.

And if you have a thieving nature, it will give you ideas galore. :)

Michael

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