Ladies and Gentlemen, please make sure you are seated and in a well ventilated area! This article may be hazardous to those suffering from heart problems, the elderly, or those who are easily angered by irresponsibility.
Let me show you some wonderful charts I found yesterday while tinkering around on economagic.com:
The first chart should be titled “the giant sucking sound…” as in: the giant sucking of our hard-earned tax dollars swirling down the financial drainpipe into the reserves of the very criminal organizations which created this mess. As you can see in the picture, quite a bit of money has gone into the reserves at these banks. Of course, if you were a criminal banker, you too would shore up your reserves considering that you’re on the brink of insolvency.
Our Tax Dollars Hard At Work
This next chart is entitled “Hit em where it hurts.” The chart really needs no further explanation and will most likely be the only chart to make you feel quite good about seeing the banksters suffer:
Hit 'em Where It Hurts
Here’s a little lead-in for the final series (Quoted from Fed Governor Mishkin, Apr. 2007):
In a democratic society like our own, the ultimate purpose of the central bank is to promote the public good by pursuing a course of monetary policy that fosters economic prosperity and social welfare. In the United States, as in virtually every other country, the central bank has a more specific set of objectives that have been established by the government. This mandate was originally specified by the Federal Reserve Act of 1913 and was most recently clarified by an amendment to the Federal Reserve Act in 1977.
According to this legislation, the Federal Reserve’s mandate is “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” Because long-term interest rates can remain low only in a stable macroeconomic environment, these goals are often referred to as the dual mandate; that is, the Federal Reserve seeks to promote the two coequal objectives of maximum employment and price stability.
Last, but not least, are my favorite two charts in the series. I call this series “End The Fed” for reasons which are pretty damn obvious:
End The Fed
In this first chart you can plainly see that the Federal Reserve has failed at the first part of their “dual mandate” of price stability. Although, some would argue that they have succeeded in maintaining a stable increase in prices over the last 60 years. Who are we kidding here? These guys are a criminal enterprise and should be abolished.
END THE FED
In the last chart you can plainly see that the fed royally screwed the pooch this time. Interest rates can’t save the unemployment situation now. Welcome to a decade or three of lost productivity. Don’t listen to me. Listen to the good people at CNBS who tell you that we’re in for a “jobless recovery.”
