Newstopia Explains the Reserve Bank

youtube ^ | October 1, 2008 | Newstopia

[all the best]

Here Australia's answer to Jon Stewart, Shaun Micallef interviewing the Reserve Bank of Australia's Tony Froth (remember then Fed Chair Alan Greenspan's July 2005 comment that "the apparent froth in the housing markets appears to have interacted with evolving practices in mortgage markets") trying to get to the bottom of it.

[all the best]

Hilarious and enlightening video interview with fictional head of Australia's central bank. Central banking (the Fed) distilled and explained in three minutes.

[Eddie01]

Here is it explained in one word.

Fiat

[Eddie01]

Here is it explained in one word.

Fiat

[Brilliant]

The entire economic mess was caused not by a lack of regulation, but rather by the fact that the Dems interfered with the free market mechanism, causing vast amounts of money to be diverted to low income housing. But the oil drilling ban didn’t help, either.