James Grant Lectures Bernanke & Greenspan, Says "QE Is Nothing But Blatant Money Printing!"

This is one of our favorite clips, which we're reposting given these comments from Greenspan over the weekend...

• Greeenspan On Meet The Press: We're Cancelling Entitlement Programs That Never Existed

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Video - Jim Grant with Tom Keene on QE2 - Bloomberg Aired Oct. 8, 2010

Outstanding discussion.  Very first question from Tom Keene:

• "Is Alan Greenspan a good guy or a bad guy in your economic pantheon?"

When even cool, calm and collected pundits like Jim Grant fall into murderous paroxysm of blind rage when discussing the Fed, you know it is only a matter of time before the world's most destructive organization is eliminated.

Quote from Grant:

"H. Parker Willis was present at the creation of the Fed, he was one of the draftsmen of the Federal Reserve Act of 1913. Willis was also the first secretary of the Federal Reserve Board -- he knows this institution. He wrote a book in 1936, which was a lamentation about the low estate of Central Banking in America, the Fed had lost its way in 1936. It had opened its doors in 1914 and by 1936 it had eaten the forbidden fruit, it was in the business of guiding the economy, of managing the economy, of manipulating this aggregate and that, and Willis said: "For Pete's sake. You can't know that -- the GDP data are not reliable enough for you to do what you think you are doing." It's a wonderful tract against the tendency of the Fed to do what it has so lethally done to this economy in my opinion, which is to steer us, in the interest of raising the GDP it presses interest rates to zero, pouring out immense volumes of econometric studies in support of this dubious enterprise. Hey Fed: just attend to the dollar, that's it, no inflation, just do one thing! You've heard of mission creep, these guys are the mission creeps par excellence."

• James Grant Says The FED Should Be Required To Create A Living Will, Thusly He Appoints Ron Paul As Executor Of The FED's Estate (Brilliant Clip)

http://GrantsPub.com

Here's the link to watch at Bloomberg in case this video gets pulled

Comments

[DailyBail]

Warren Buffett: Buying Berkshire Hathaway Was $200 Billion Blunder

Warren Buffett says Berkshire Hathaway is the "dumbest" stock he ever bought.

He calls his 1964 decision to buy the textile company a $200 billion dollar blunder, sparked by a spiteful urge to retaliate against the CEO who tried to "chisel" Buffett out of an eighth of a point on a tender deal.

http://www.cnbc.com/id/39710609

[DailyBail]

Someone Threw a Book at President Obama

http://nymag.com/daily/intel/2010/10/someone_threw_a_book_at_presid.html

video...

[DailyBail]

Dennis Kneale Joining Charlie Gasparino At Fox Business

http://dealbreaker.com/2010/10/dennis-kneale-joining-charlie-gasparino-at-fox-business/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dealbreaker+%28Dealbreaker%29&utm_content=Twitter

[DailyBail]

"Progressive Hunter" Jailhouse Confession: How the Right-Wing Media and Glenn Beck's Chalkboard Drove Byron Williams to Plot Assassination

http://www.huffingtonpost.com/john-hamilton/progressive-hunter-brjail_b_757841.html

[DailyBail]

http://www.huffingtonpost.com/2010/10/13/helen-thomas-im-not-antis_n_760789.html

Helen Thomas Cries, Denies Anti-Semitism, Calls President Obama 'Reprehensible' (AUDIO)

[Cheyenne]

I can only assume that the laughable parade of TARP apologies will run right up through the election. Good. People hate the program because it's indefensibly stupid and wasteful. So I'm glad to see the empty suit crowd continue to remind voters just how ridiculous TARP was with nonsense like this:

http://www.businessinsider.com/how-tarp-staved-off-disaster-2010-10

"TARP did not just rescue the banks; it rescued everything and everyone from financial chaos."

AND...

"A lot of politicians who supported TARP are going to lose their jobs this year. They fell on their swords for us, and I believe historians will someday take note of their sacrifice."

That's so preposterous it's actually funny. Keep 'em coming, fellas...

[goldbug]

Come on! I have nothing against a Bow Tie (Other than it makes them both look like they are pompous asses) but for crying out loud, a Pokadot Bow Tie with a striped shirt. How can you take this guy seriously. Balderdash!

[DailyBail]

How can you take this guy seriously. Balderdash!
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Because he's written 42 books...;-)

[Sagebrush]

"Is Alan Greenspan a good guy or a bad guy in your economic pantheon?"

Bad! Easily as bad as Bernanke or worse!

[Z]

DB...

http://finance.yahoo.com/news/Officials-hint-Fed-on-the-rb-117614773.html?x=0

I reported on this story here about a week ago...what's up?

[Z]

Alan Grayson isn't good or bad, he is just one sandwich short of a picnic.

[Z]

Paris Riots Good Times ! par Kourtrajmé crew...

http://www.youtube.com/watch?v=ZWuapLbSDF4

[Z]

I hope another good mix...

Play this...http://www.youtube.com/watch?v=n2s2tPORlW4&feature=related

While watching this...http://www.youtube.com/watch?v=F9s-mwosnsI

The rioting has reached London...more to come...

[Z]

Just a reminder, vote these fools out of office...send them home...

Frank..."but you're not going to see the collapse that you see when people talk about a bubble..."

http://www.youtube.com/watch?v=iW5qKYfqALE

[Z]

I am always good for a Jim Rogers reminder...

Rogers..."What do you mean there are no bad banks, they are not letting people fail..."
Rogers..."This has never worked!"

This video is like a starter kit to getting caught up on what's happening.

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

Get ready for another long period of shorting stocks.

[Z]

Just another one of truth's protective layers...

http://www.wtvr.com/news/wtvr-fan-mystery-light-ufo,0,4194452.story

[goldbug]

He's written 42 Books. So what. Every one of the one B.S. Writing a book means that you can't do something in real life. If you could, you would stand to make a lot more money than you would if you wrote a book Do you think this guy went through Univerrsity for Journalism!? He did not. After he went through life trying to make a liveing (And was not that good at it) He decideed to use the Pompous University credentials that he earned and turn them into a money earner the best that he could, so he turned into a book-writer and pundit. Alan Greenspan was knighted, So what! More B.S. Obama won the Nobel Prize, So What, more B.S. Bank of America is a multi-Billion Dollar Bank, So what, they stole it from the backs of the people, more B.S. I have been listening to people say things like, my Enron stock is worth half-a-Million dollars. So what I said,. I have heard hundreds of so-called experts tell me that the price of gold iwas not worth $300/oz, then they said it wasn't worth $400/oz, then $500, then 600, then 700, then 800 then 900, then 1000, then 1100, then 1200, then 1300 /oz. Al of them wrong. Do you think that there might be a reason? People have been listening to these sheisters on CNBC MSNBC and CNN etc for years and they have all been wrong. When wil people learn that some institution bestowing greatness on someone does not make them smarter than everyone else. It just means that they tow the line. AKA : SHILLS. If you are smart, you will listen to yourself. Even if you are the dullest person on earth, you stand to make better decisions than based on anything that these guys say. Trust me, I've been around for a while and I have nothing to gain by informing you of this.