Federal Reserve, Not Free Market, Caused Crisis says "Money for Nothing" Filmmaker Jim Bruce

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Federal Reserve, Not Free Market, Caused Crisis says "Money for Nothing" Filmmaker Jim Bruce

"I view one of the big myths of the [2007-08 financial] crisis as that it was purely the effect of free markets, that this is what happens when you have free markets," says Jim Bruce, filmmaker behind the new documentary "Money for Nothing: Inside the Federal Reserve."

Bruce predicted the meltdown, invested accordingly, and used the money he made from the collapse to fund his movie, which features interviews with economists who predicted the crisis, as well as former and current Federal Reserve officials such as Paul Volcker and future Fed Chair Janet Yellen.

Bruce sat down with Reason TV's Zach Weissmueller to discuss the film and his thoughts on current Fed policy, incoming Fed Chair Janet Yellen, the legacy of alleged free marketeer Alan Greenspan, and the future of the U.S. economy and monetary system.

Approximately 9 minutes. Shot by Tracy Oppenheimer, Alex Manning, and Alexis Garcia. Edited by Zach Weissmueller.

Scroll down for downloadable versions and subscribe to Reason TV's YouTube Channel to receive automatic updates when new material goes live.

Comments

[jesse.in.mb]

Hugh should've seen this but he stood me up.

[Hugh Akston]

I texted you that I wasn't going to make it. What more do you want from me?

[jesse.in.mb]

That text was a little last minute for a movie on the other side of town...

Actually I'm glad it worked out that way otherwise I probably wouldn't have gone and it was an interesting movie.

[Hugh Akston]

Believe me when I say that I would much rather have gone to the movie than sit in that meeting an extra half hour. But it's my project and I still haven't really mastered the art of telling people to STFU so we can get out of there.

[jesse.in.mb]

I hate having to do that. I've gotten much better about doing it one-on-one, but if I'm corralling a group I always jump from overly polite to overly blunt (although it usually does effectively end a meeting).

[peterpalms]

Jesse and Hugh. Is this really meaningful?

[KarenDavis43]

I just got paid $6784 working off my laptop this month. And if you think that's cool, my divorced friend has twin toddlers and made over $9k her first month. It feels so good making so much money when other people have to work for so much less. This is what I do,..http://PERFECT23.COM

[Thomas O.]

Okay, who let the sales rep into this meeting?!

[Blank Reg]

Indeed.....goddamn it, do we really all need to see the details of your personal lives? Take it to Facebook or IRC or something.

[Paul.]

Your mistake was having the meeting in the first place.

[Dweebston]

This. How archaic, how feminine. You know what's a better tool for coordinating a project? Email. Specifically, the email you send explaining the details your team would otherwise spend eighty minutes bickering about during the inevitable sit-down bitch session, prompting stupid and ultimately unworkable compromises that nobody can explain a month later.

I worked a back-office gig doing odd-jobs management didn't want to pay a business school grad to resolve. Half my time was spent heading off meetings before they happened. THERE IS NO NEED TO DISCUSS THIS, I would explain, politely, in emails. Do things this way and let me get back to work.

[Hugh Akston]

Unfortunately it was a design check-in, so basically a group therapy session for everyone to work their issues with the current draft of the product. It's not that productive, but crucial to maintain the illusion that various stakeholders have their buy-ins.

[Dweebston]

It sounds like you do something productive, ultimately. This job felt like an ant farm kept by someone with a lot of money to burn through.

[peterpalms]

Possibly but not of great consequence

[R C Dean]

But it's my project and I still haven't really mastered the art of telling people to STFU so we can get out of there.

I find that randomly going off on a brutal attack on somebody in full view of their colleagues keeps my meetings short and pithy.

[Sevo]

When I used to convene them the email said "starts at X, ends at Y" and as we approached Y, I took pains to point that out.

[Free Society]

Why didn't you invite me to go? I'm a random guy on the internet, what the fuck do I have goin' on?

[Dweebston]

jesse is very selective about the company he keeps. He must be, every time I call and breathe heavily into the mouthpiece he hangs up in disgust.

[jesse.in.mb]

I just have terrible signal in my house. Your calls are the highlight of my day.

[The Late P Brooks]

alleged free marketeer Alan Greenspan

Greenspan is a Wise Man. He says Bitcoin is illegitimate.

The $US, on the other hand, is as sound as a something or other.

If you can't believe Alan Greenspan, you might as well just stop clapping.

[peterpalms]

Everyone has stopped clapping

Alan Greenspan, a former Federal Reserve chairman, believes the U.S. government made a big mistake with its "too big to fail" policy after the 2008 financial crisis, saying he favored letting drowning banks sink into Chapter 11.
"I would like to see all institutions go through Chapter 11 if they get into trouble," Greenspan said Tuesday during a lunchtime Q&A session at the Securities Industry and Financial Market Association's (SIFMA) annual meeting in New York. "We don't allow that to happen anymore. If you try to prevent it, you run into all kinds of serious troubles."
More Advisor Compliance
from The Advisor's Professional Library
? Code of Ethics Rule The Code of Ethics Rule, found in Rule 204A-1, uses severe consequences for violation to help ensure investment advisors will do the right thing.

[Scruffy Nerfherder]

This is just shriek bait.

[Smilin' Joe Fission]

He is a master Wall Street trader and is 94% pure libertarian. So dreamy...

[Sevo]

A master what?

[Loki]

Bater.

[Suthenboy]

That financial genius is too busy having grapes dropped in his mouth by nude maidens on his yacht, all paid for by the fortune he made in the stock market. He has no time to comment here anymore.

[Carolynp]

I always think about that when considering hiring a stock adviser. If you were really any good at this, why exactly would you be here?

[Suthenboy]

It would be so much easier to blame stuff on the free market if we...you know....had one. Of course, then there probably would not be much to blame on it.

[OldMexican]

"I view one of the big myths of the [2007-08 financial] crisis as that it was purely the effect of free markets, that this is what happens when you have free markets," says Jim Bruce, filmmaker behind the new documentary "Money for Nothing: Inside the Federal Reserve."

Oh, c'mon! Everybody Knows? that, like, the real reason for the 2007-2008 financial crisis was too much Greedo! Am I like, right, no?

[Dweebston]

Greed's the defining characteristic of everyone else, and only crops up every seven or eight years for some inexplicable reason.

[Sevo]

And people who want your money aren't greedy; you are for wanting to keep it!

[Loki]

And people who want your money aren't greedy; you are for wanting to keep it!

It depends on who those people wanting your money are. If they're EVUL PROFIT SEAKING KKKORPORASHUNZ, then they're greedy, if they're the IRS, then you're greedy for not wanting to pay your FAIR SHARE.

[Brandybuck]

Saying greed causing economic crashes is like saying gravity causes airplane crashes.

[peterpalms]

True. But making illegal greed subject to incarceration prevents economic crashes.
But letting crimes and criminals control the media and distribute propaganda is treasonous when unconstitutional but held otherwise.Government is always the most dangerous thing as our founders decided.It has again been made traitorous to disobey unconstitutional laws. when our rulers find them to be constitutional. The declaration of independence covered that.

[Gorilla tactics]

which is why we have to ban gravity

[On The Road To Mandalay]

Which might mean that being the Chairman of the Fed is possibly a more powerful position than anyone could ever imagine.

[OldMexican]

"If you strike me down, I'll become more powerful than you could ever imagine!"

[On The Road To Mandalay]

And your point is? Or do you have one? Or, is it the point on the top of your head?

[Silverlode]

Ugh. Wrong.

"If you strike me down, I shall become more powerful than you can possibly imagine."

http://www.youtube.com/watch?v=t8RCQDDsMpU

[R C Dean]

Honestly, being the boss banker of the leading economic power and in charge of the planet's reserve currency should be a hint that the job is extremely powerful, indeed.

Why we keep giving it to academics is a mystery to me.

[alan_s]

Why we give it at all is the mystery.

[peterpalms]

It is called lack of patriotism

[peterpalms]

It is equivalent to a Global Dictator and Pope for Catholics,
a Ruler of the Universe, and the owner of all money which is more powerful than any other weapon.

[Libertarius]

The Fed is the nexus from which the totalitarian state (and thus the modern left) derives its power. The entire leviathan is funded by the Fed--the police state, the "welfare state", the leftoid indoctrination complex, the crony-subsidy machine, etc.

The Fed is the source of their arbitrary power--and you bet they know it, too. That's why I never see leftoids become as desperately belligerent as when discussing the ending of the Fed. Leviathan is sponsored by the Fed.

[Jordan]

Indeed. Their unwavering support of the Fed exposes their lies about being against corporatism and being in favor of the little guy. The Fed is the biggest corporate welfare program on the planet, and it has absolutely devastated the middle and lower classes. Its policies explicitly transfer wealth to the financial sector. And leftists are utterly devoted to it.

[peterpalms]

Hallaleuhia the great storm might be recognized . Spread out your wings and fly. God grant it be so.,

[Sevo]

Amazing OT! AP finds that peoples' incomes change over time and some people get wealthy!
"Rising riches: 1 in 5 in US reaches affluence"
http://www.sfgate.com/news/pol.....php#page-2

[mr simple]

Unpossible. I've had it explained to me by People Who Know that upward mobility is a myth and rich people are only rich because they inherited their wealth, or something.

[peterpalms]

The emperor has no clothes. Upward mobility is almost the same as winning the lottery which is about 1 in 7 billion. for upward mobility it is 1 in 70,000,000. But for those 70 million the unjust laws sure help.

[JWatts]

for upward mobility it is 1 in 70,000,000

That's just a ridiculous statement that completely ignores the actual data.
According to the latest data 11% of the richest Americans (top 20%) grew up in poor Families (bottom 20%).

[Carolynp]

That awkward silence actually IS the only response possible to being proven so mathematically idiotic. 1 in 70,000,000? There are 314 million in the US as of the last census, so we're talking 7 rich people in the whole damn country? Peterpalms? Better to be silent and thought a fool than to speak out and remove all doubt.

[peterpalms]

Not amazing just inevitable. You tax consumption with sales taxes which with the lowest income consumes 99% of their income and the wealthiest 1%. You tax income annually of the lowest incomes and walthiest not until decades later they realize it.In short you transfer wealth from poor to rich. Your government serves the rich and ignores the poorest. You are aa dictatorial republic. Shame is due for the lives you have sacrificed of our military

[Sevo]

^?
Pretty sure we have a brand new brain-dead troll.

[C. S. P. Schofield]

I seem to recall, from back in the day, an article in some magazine called REASON about the proposed changes to the house lending industry in which several economists said, in effect, "Hope you like bailing out lending institutions, because you'll have to."

[Almanian!]

Nihilists! One and all!

[peterpalms]

I disagree. The United States of America and its declaration of Independence will be defended by patriotic American with their lives. Do not equate patience with surrender

[gimmeasammich]

The fuck you talkin' 'bout?

[peterpalms]

That is why the only just decision is to abolish fractional banking.

[peterpalms]

You are right., The richest and connected made themselves wealthier with CDO short selling similar to the banks. At present there are no constitutionally protected American any more. God save the United States of America in this its most vital hour for humanity.

[peterpalms]

Reason is always preferred to loss of freedom

[peterpalms]

Jim Bruce is entirely correct. This inevitable and imminent collapse of the Federal reserve Act of 1913 will be the fourth collapse of the central bank of the united states. History makes it abundantly clear that since the end of the barter system, all fractional banking systems and fiat money (legal counterfeiting of currency with nothing behind it) end in collapse including as far back as the Roman Empire. The reason Congress and The Fed deliberately follow this path is that it is the only way they can remain in power, since this time the collapse includes default and end of the United States, so those who have taken over our government have no other choice other than The bring about the end of The united States. It is illegal to stop them because stopping them is has been made unlawful by ignoring that the lawful is unconstitutional. It was also unlawful for the signers of the Declaration of Independence, which made them traitors. But since what has been made legal is unconstitutional The declaration of Independence could again come into play. The alternative is a new currency issued by the world bank to the present rulers of the USA and the formation of the first world government by these same culprits.Many will chose to die for liberty. Thank you Jim for your patriotism.

[David Wall]

Peter--

Your implication that the Fed & the government is intentional in their destruction of the US economy is crazy, of course. If it was so, it would be relatively easy to stop. But I will grant you this: it is a sign of the times that your rant doesn't sound as crazy as it.

[peterpalms]

Then the declaration of Independence was written by those of equal insanity.Along with the Bill of Rights.Check the recorded evidence that it cannot as yet be stopped. Citizen action against those who have stolen its government is illegal, as it was for those signing the Declaration of Independence who were as a result Traitors to the crown.

[peterpalms]

Why is it crazy to assume that 1% of the Population of America, which now earns 53% of the total national earned income, would want to continue the transfer of the middle class back to the lower class by their tax laws. You hypocrit. By the way 7% of the world's population now owns 53% of the planet by their laws.

[NotAnotherSkippy]

You mean the tax laws that punish high earners and reward welfare queens? Right, must be those laws.

http://www.taxpolicycenter.org.....?Docid=456

Gee, lookee there. The top 1% pays the highest tax rate.

[peterpalms]

To all. Wake up. The most powerful weapon in the world is Money it owns and rules us.Government is the most treacherous, untrustworthy Griffin. Now is the time to come to the aid of your country, or lose it.

[Sevo]

'To ALL. Wake [up]. The MOST POWERFUL weapon in the world is Money it owns.
and rules us.[Government] is the most treacherous, untrustworthy GIFFIN. Now [is] the TIME to come to the aid of your country, or lose IT.'

Not sure I got all the caps and brackets right, but, hey!

[janiferavc088]

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[peterpalms]

Avoide the rulers who have taken over your country and government. Survive independently of them and without reliance upon them in any form or shape of subterfuge. We do not need any government that is not ours. God save the United States of America

[Almanian!]

HERC?

[Bill]

I thought I recognized it too.

[Redefiler]

I suggest we do it ourselves, and stop cluttering issues hoping to curry favor with powerful yet aloof supernatural forces. How about something like "Christians for America", it gets your brand out there, but at the same time implies actual effort on your part, yes/no?

"God save the USA" starts coming off more like some mantra, designed to sound profound while remaining personally lazy, if not hypocritical to one's spouted ideals and beliefs.

Further, If we assume that God is responsible for saving the USA (and ignoring the massive white elephant that all its problems would inherently be His fault) history would indicate especially in the last couple thousand years he's been reticent to direct involvement and/or maintenance here on planet Earth. So it's a mistake to invest in as a solution.

Maybe he's going thru a Lady Gaga 2nd album phase? Gone are the large Old Testament theatrical booming voice, giant hands of doom in the sky, downpours of vermin and hellfire. He's stripped it all down, gotten rid of the meat dresses, and become discrete like nudging goats to save nuns or using dreams to inspire religious poetry.

However, if you really think about it, God is the divine example of why central planning doesn't work. Bull sharks, cancer, birth defects and Spanish TV are all symptoms of divine Creationist mismanagement. Every problem large and small is a direct result of one all powerful tyrant who thought that absolute control was a great idea.

[sasob]

"Money For Nothing"? Should have called it Money From Nothing.

[peterpalms]

Correct both subtly fit and misfit exactly

[Bill]

chicks for free .....

[KalkiDas]

A little off-topic, but this article attacks the commu-flies like rotten soviet paper-fiber-filled sausage you waited 5 hours in line for:

http://www.theguardian.com/wor.....ricas-wire

It's frightening how many collectivists there are commenting. I avoid these sites because I don't even know where to begin with people like these. They'll just call you a troll. How many people think like this? How much more socialism/statism do they need? And would they ever admit when they're living in shit that their collectivist concepts are failing them? It's always the "rich" with these people.

[KalkiDas]

err, I meant s/attacks/attracts/

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[SnoopDougy]

C'mon. You must stop using the euphemisms. Two examples: quantitative easing and ethnic cleansing. One means flooding the market with counterfeit (valueless) money. The other means genocide. Call them what they are. Geez.

[Santa.Claus]

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[Nixonfan]

The crash was caused by the subprime meltdown, not the Fed.

[LIFE.time.opertunity]

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[John C. Randolph]

Tom Woods already covered this comprehensively in his book Meltdown.

-jcr