Motley Fool Money Fools Shannon Zimmerman, James Early, and Seth Jayson Make Fools Out of Themselves and Motley Fool?
One never should willingly bite the hand that feeds them, however, it would be remiss of me to not address this telling(?) situation. At approximately 5:06 minutes into Motley Fool Money's December 4 podcast one of the panelists smugly stated "...Senator Jim Bunning comes out and this is the headline of the day and this is a prepared remark 'Your Fed has become our Jekyll Island'...The panelist (Zimmerman, or Early, or Jayson or the host) continued "...This mixes several metaphors.." Another panelist jumped in "...Does he mean the Creature of the Black Lagoon?" Another..."...I have no idea? If he means Dr. Jekyll he got that wrong because Mr. Hyde's the bad guy and it's so unsophisticated...this is typical political theatre...".
Earth to Motley Fool Money...The Creature from Jekyll Island* is a book which was also blogged upon that same day on Motley Fool itself and appears 142 times within Motley Fool (as of December 12, 2009). This is what Senator Jim Bunning was referring to.
With all due respect, especially given everyone piled on, without exception, in this ignominious mob attack, one has to simply wonder how much credibility these Fools have with any of their opinions/recommendations.
/s/chaosUnplugged, shareholder value activist "of the shareholders, by the shareholders, for the shareholders...and Fools."
* Amazon Review
This is the most important economic textbook since Marx wrote Das Capital. Whereas Marx goes great lengths explaining all the problems concerning the *production cycles* of capitalism, Griffin explains the *money supply* side. And this ends up being even more disturbing. Griffin explains that money is created "out of nothing", worse even, out of "less than nothing", out of DEBT. Whenever the government is in need of money, they "lend" it to the Federal Reserve, which, by the way, isn't a government institution, but a cartel of private banks, invented by the Rockefeller and Morgan families in Jekyll Island in 1910 and established by Congress in 1913. This Fed "creates" the money the government needs in the form of government bonds, ultimately made out of "paper and ink". Government then spends this money (payment to contractors etc.) and this money ends up as deposits in private bank accounts, where it is used in turn to back up private loans. More money is created "out of nothing", since banks typically lend 9 dollars for each dollar they have in deposit ! As you can see, all money is created out of debt. Would all debts be paid, all money would literally... disappear... Money which is not backed up by gold is thus an illusion.
Now, governments do all what is in their power to be indebted. Remember Bush and Obama rescued "Banks Too Big To Fail" (sic) and other Big Corporations, each time with more than 700.000 million USD, without even raising taxes ! They even did better ! They lowered taxes at the same time ! Ever wondered how they perform this fascinating trick? Read this important book. Griffin shows that recollecting taxes isn't really necessary. But we DO end up paying those bills, every time government decides to "create money out of nothing". Don't be mistaken. Every time our governments expand the money supply, inflation goes up, and our money ends up being worth less. In 1966, when Greenspan was still a brilliant economist and not a corrupted chairman of the Fed, he called inflation a "hidden confiscation of wealth". Source: Amazon.com