Eliot Spitzer Calls Federal Reserve a Ponzi Scheme

[nopasties]

at 5:55

short version


Serious accusation. Is he right to use such language?

[Farnan]

Since when did his opinion matter, after he was forced out of office?

[nopasties]

Since when did his opinion matter, after he was forced out of office?

Spitzer had a lot of credibility until he became governor and got a prostitute. He does know what he is talking about and if you watch the video it explains the problems in our monetary policy.

[HorseArcher]

Since when did his opinion matter, after he was forced out of office?

Bill Clinton was impeached for getting a BJ in the oval office and yet his opinion still matters a lot.

When he was uncovered of sleeping with prostitutes, the whole issue smelled of corruption in both ways. Sure he slept with a whore, but that doesn't make him or his opinion irrelevant. Just before he was toasted with the prosti- issue, he was investigating white-collar crime in New York City.

[Denny Crane!]

Since when did his opinion matter, after he was forced out of office?

Yes because sleeping with prostitute automatically invalidates an economic opinion or analysis

[Farnan]

Yes because sleeping with prostitute automatically invalidates an economic opinion or analysis

Nope, but spending your entire career targeting men and women involved in prostitution and telling the evils of it, and then were found to use a prostitute yourself... It gives you an idea of his character.

[Denny Crane!]

Nope, but spending your entire career targeting men and women involved in prostitution and telling the evils of it, and then were found to use a prostitute yourself... It gives you an idea of his character.

Still doesn't invalidate an economic analysis.

Edit: Clarification.

If someone says 2+2=4 he is right.

If someone says 2+2=4 and then sleeps with a prostitute while shouting at people from a pulpit about the evils of prostitution. He is still right.

[danzig]

You know Ill probably take Eliot Spitzer's comments on money seriously when he stops living off daddy's money. You know the guy who bankrolled his campaign in a hilarious display of ethical violations. Daddy gave Eliot an expensive apartment, Eliot used the apartment as backing for a loan...from daddy. Daddy went on to pay the loan, in essences paying himself back. That is how Eliot Spitzer got into politics

[Denny Crane!]

You know Ill probably take Eliot Spitzer's comments on money seriously when he stops living off daddy's money. You know the guy who bankrolled his campaign in a hilarious display of ethical violations. Daddy gave Eliot an expensive apartment, Eliot used the apartment as backing for a loan...from daddy. Daddy went on to pay the loan, in essences paying himself back. That is how Eliot Spitzer got into politics

Cheers for proving my point.

[over-man]

The fed isn't a ponzi scheme, but it's quite simple:
1: Create money out of thin air.
2: Loan money to banks and government.
3: Profit.

[Downey]

Well I guess you can listen to him, but hindsight is 20/20

[Henry X]

Wasn't Spitzer paying his very lovely escort out of his own pocket.

And she charged $5000 a session. Damn she must have been good...

At least it wasn't Geitner saying this.

[Henry X]

Yeah, the guy likes to have a good time.

While making sure that the people who don't deserve it can't have a good time.

[Sidmen]

Maybe not Seneca, but it does make people not care that hes right.

[Denny Crane!]

Maybe not Seneca, but it does make people not care that hes right.

Well yes people moralise and pontificate against things that should be able to be objectively analysed. Why do you think I'm an anarchist, I don't respect the average persons ability to be objective.

Nietzsche was a syphilitic madman but you take what good you can from his philosophy and dismiss the bad. Without letting your own anxiety about his madness override your ability to objectively analyse his philosophy.

[s.rwitt]

Why do you think I'm an anarchist, I don't respect the average persons ability to be objective.

While I certainly agree that being truly objective is difficult, if not impossible, for the "average person" (or anyone else for that matter), I have to wonder if you really think an anarchist society would be viable.

[Denny Crane!]

While I certainly agree that being truly objective is difficult, if not impossible, for the "average person" (or anyone else for that matter), I have to wonder if you really think an anarchist society would be viable.

Yeah why not. For now though I'll stick to hopefully seeing a society that is ran well economically. And economics is going through a very fun very exciting time for economics. The debates I've been listening to have been fascinating and some good ideas are being brought forward. Just look at this video.

[Dunecat]

The guy on the right is a ing two-faced prick. Ron Paul was on Morning Joe a while back (which that host frequents) and he crucified him. Now he promotes him with a straight face.

...Otherwise interesting video. I'm inclined to agree.

[Giuliano Taverna]

When did Funtime Eliot become a card carrying member of the "I don't understand finance so I voted for Ron Paul" club?

The federal reserve is designed to prevent the massive destruction of wealth that occurs when there are runs on banks. Its the lender of last resort, and is responsible for monitoring the money supply so that we never experience the kind of inflation or deflation that used to occur when we stupidly clung to the gold standard.

Fun fact, you can have inflation with gold, like anything else. Gold's value goes up and down with its quantity in proportion to goods and services.

The federal reserve doesn't "create money out of thin air" it creates money as needed to maintain economic growth. What is money? Its a unity of exchange who's value is based on trust, in other words credit.

Also see, debunking federal reserve conspiracy theories.

[BNS]

When did Funtime Eliot become a card carrying member of the "I don't understand finance so I voted for Ron Paul" club?

The federal reserve is designed to prevent the massive destruction of wealth that occurs when there are runs on banks. Its the lender of last resort, and is responsible for monitoring the money supply so that we never experience the kind of inflation or deflation that used to occur when we stupidly clung to the gold standard.

And look at how that has worked out, since it's creation the dollar has lost 94%. All it ever does is inflate and it works painfully slow and inefficient when it comes to deflate.
We can thank the fed for these favorites
http://en.wikipedia.org/wiki/1921_recession
http://en.wikipedia.org/wiki/Great_Depression
http://en.wikipedia.org/wiki/Early_2000s_recession
http://en.wikipedia.org/wiki/Late_2000s_recession
and many more in between.