FreedomFest Debate: The Federal Reserve w/ Thomas Woods 1/5

[MrGiggity890]

yeah...hows the gold price now ya cockbag?

[norskemann1]

trying to defend the federal reserve is like trying to defend a child rapist in court

[Luneleger]

Current gold spot today is 1643. Just thought people would want to know that economic update.

[BigDaddyDJD]

Hey Warren: today's price of gold is 1,613... just thought you might like that market update.

[Southparkateer2]

Displaced pauses, Boring Tone, Complexed Joined

Statistics, and the statement that modern money mechanics

are to complex for the people to understand, My ass they are

Tom Woods factual speech is not theory it's fact, and acctually

makes sense...

[KenMacMillan]

Market update on the price of gold - $1789.50

[CytherLynx]

ha 1400 now biatch @ 5:44

[sfiorare]

woods said, "the fed is for whatever reason, curiously exempt from criticism"

is he serious?

[myheartskry]

@sfiorare

Actually yes, from academia to the MSM, no one has really questioned the Feds monetary policy until Ron Paul began bringing it up during the debates of 08. That coupled with his book End the Fed, and "his" accurate predictions of the collapse of 08, are the only reason why people, and now the MSN are taking another look at the Fed.

[sfiorare]

@myheartskry - i remember the federal reserve being criticized in the 1970's

Milton Friedman (1972), "Comment on the Critics," Journal of Political Economy 80:5 (September-October), pp. 914-5

from wiki, the first line of the subject: "Criticism of the Federal Reserve"

"The Federal Reserve System has faced various criticisms since its conception in 1913."

[myheartskry]

@sfiorare

Yes, but the criticism you mention was only limited to a few academic circles such as the Austrians. But the reality is, up until now, most people just weren't aware of the Fed and its inflationary policies. The MSM and most academic circles never really discussed the fed in depth, and sadly most people who have were considered kooks by the MSM and main stream academia. So what Tom woods says about this is correct when you look at it from a wider spectrum.

[sfiorare]

@myheartskry - the fed was discussed in depth during the 1970's and it wasn't just by austrians and academics; really, woods isn't pursuing impartial academic scholarship, he's promulgating extremely biased political rhetoric, which is what the mises institute is all about; woods is far from correct

[myheartskry]

@sfiorare

You point to the 1970s which, because of stagflation arguments were being made against the Fed. There was an outcry, a bill was proposed, it was watered down, and then there was silence up until now. Because of the unprecedented actions taken by the Fed, people are worried about inflation and rightfully so. When during the last three decades have there been such intense discussion on the fed? Woods is correct in his criticism, you're just not seeing it.

[sfiorare]

@myheartskry - the current inflation rate is 1.2%; what you call "discussions on the fed" are often more like propaganda from contrarian investors and gold sellers that are trying to influence the market so they can make money; it's called scare tactics

here's a prime example: v=eb1n1X0Oqdw this video is just propaganda from stock, pump and dump scammers

here's evidence for the accusation: v=sDxUjMOKROU

[Digali]

@sfiorare my poor poor man, if you think the CPI is honest you are fooling yourself. Milk was 80 cents ten years ago. now it is almost 4 dollars. That isn't reflected in the CPI, because hey, CONVENIENTLY, they don't count food and eneregy, which HAPPEN to be the things that poor americans spend their money on the most. Jim Rogers, who called the collapse, publicly explains why the CPI is phony/ Any honest American knows they are being shafted at the store, it's like a hidden 90% tax.

[sfiorare]

@Digali - your ignorance is a joke

you should look at information from reliable sources, not internet propaganda

watch this to see actual component of the cpi: v=pRIELoITIHI

at 00:05 notice 'dairy and related products' ..... 0.910

The CPI represents more than 200 categories

FOOD AND BEVERAGES (cereal, milk, coffee, chicken, wine, full service meals, snacks)

TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance)

source: bureau of labor statistics

[CytherLynx]

@sfiorare you are wrong again and again. and we keep showing you how, but yet you still manage to convince yourself like those slimy retarded creationists, that you are right.

you have perfected the art of Orwellian double-think

[sfiorare]

@CytherLynx - you haven't shown how, you and digali have posted misinformation and propaganda

look at the video: "CPI Index" v=pRIELoITIHI it shows a bloomberg terminal screenshot of the basket of goods that the cpi is composed of, which includes food and fuel costs

this shows it's you and digali that are absolutely incorrect

[4thstuning]

@sfiorare The CPI most reported is the core CPI which does exclude energy and food. See bls.gov/cpi/cpifaq.htm#Questio­n_13 This is used because it is allegedly less volatile.

[sfiorare]

@4thstuning - i didn't refer to the core index

and have you not studied even the most basic principles of statistical analysis and economics?

the price volatility of fuel and seasonal volatility of food, would skew the core index and render it less capable of reflecting medium or long range trends, the core index is more useful if those categories are considered separately

[4thstuning]

@sfiorare You're merely repeating what I said. The core index was created at the behest of Nixon to cover up his misdeeds when he closed the gold window and all our serious inflation really started. Perhaps you should acquaint yourself with economic history.

[sfiorare]

@4thstuning - no, it has nothing to do with misdeeds and everything to do with improving price information

perhaps you should lose you political bias, it's tainting your ability to grasp reality

[4thstuning]

@sfiorare You've clearly made your point that you know neither economic history or economics. Goodbye.

[sfiorare]

@4thstuning - you're projecting your own ignorance

i have an advanced degree in economics

[4thstuning]

@sfiorare  You have an advanced degree in economics? Pity, commonsense has a better track record.

[sfiorare]

@4thstuning - you're mistaking ignorance for common sense

[josda1000]

Hope that guy likes the NEW market update: ~$1336 an ounce, 10/25/2010. How's that inflation staving off for you?

[pretorious700]

Coats is clueless

[badattitude77769]

I believe that even obamas backers on chicago, the mafia, do not want the shit to go on much longer, what a lie, Everything I believed to be the truth, turned out to be a lie.

[hyylo]

hi

can someone please tell me if Peter Schiff did a speech at freedom fest?

thank you

[ryratt]

I was there, he did, he gave a good speech. It was on Friday morning, I believe.

[hyylo]

hi

Is the peter schiff video of the freedom fest 2009 on youtube?

i can not find it?

[ryratt]

I don't know, but he was definitely there. The Freedom Fest organizers were supposedly selling videos of the event too.

[AlamedaCountyGOP]

First we AUDIT, then we ABOLISH! End the FED! Revolution!

[vortmax1]

Amen!

[pro404]

i can't wait for woods's response, my prediction is he's going to school this windbag

its almost like they got the most boring person possible on purpose to make woods's argument look even better by juxtaposition

[ditkuss]

I thought they were using gold in Zimbabwe?

[FATToney12]

You did.....Then you haven't been paying attention for YEARS

[Taikaru]

Rand Paul for US Senate Moneybomb - runrandrun dot c o m!

Peter Sciff for US Senate Moneybomb - schiffathon dot c o m!

Go liberty movement!

[MooseOfReason]

Warren Coats seemed as long-winded as War and Peace.

[fortsmith1]

The booms and busts, inflation and deflation are caused by the fed. To say they were able to lower inflation is only part of the story.

[unlimitedinvesting]

At 7:35, during Warren Coats' talk, the camera goes to the crowd to observe a woman sleeping!

Coats builds his whole argument on "inflation being 3%" after Volcker "beat inflation".

It is a silly mistake for Coats to think that FreedomFest attendees would believe inflation has been at 3% just because the government says so. Correct that foolish assumption and the foundation of his argument evaporates.

Woods, as always, lucidly explains reality. :-D

[kevinz1985]

Austrian economists are the only ones I can understand. They make so much sense.

The others, because of the fantaisies they are defending, are incomprehensible and boring.

[seanannapolis]

Plain language anyone can understand from Tom Woods. Now there is no excuse for anyone to NOT know what's going on.

[Xasew]

Thank you SO much for putting these up! Been looking for these for a while.

The first 4 minutes and 35 seconds of this clip is awesome.

[MrMP81]

8:47

"Markets are the best way of reconciling conflicting forces and moving the economy forward"

This coming from Warren Coats; who is defending the FED lol