I heard this today on Glenn Beck's radio show today and was astounded. Who knew Mitt Romney was critic of the Federal Reserve?!
Beck argued that this should encourage Ron Paul supporters to now support Romney. Granted, Romney doesn't want to abolish the Federal Reserve. But it's a start, right?
Take a look. It begins at the 10:00 mark, after Romney is urged to say, "Barack Obama will bankrupt this country" at the upcoming debate.
"The former head of Goldman Sachs, John Whitehead, was also the former head of the New York Federal Reserve. And I met with him and he said as soon as the Fed stops buying all the debt that we're issuing - which they've been doing, the Fed is buying like three quarters of the debt that America issues - he said once that's over we're going to have a failed Treasury auction, interest rates are going to have to go up.
We're living in this borrowed fantasy world where the government keep on borrowing money. You know, we borrow this extra trillion a year and we wonder, 'Well, who's loaning us a trillion?' The Chinese aren't loaning it to us anymore. The Russians aren't loaning it to us anymore. And so who's giving us a trillion? The answer is - we're just making it up. The Federal Reserve is just taking it and saying ... it's just made up money."
He later said most people don't understand how bad the economic situation is.
Keep in mind, this video was shot months ago - way before the Fed announced another round of "Quantitative Easing."
Over at the Pragmatic Capitalist, though, Cullen Roche says Romney's comments prove he doesn't understand the monetary system (a view echoed by leftist economist Paul "No Stimulus is Too Big" Krugman).
As I’ve mentioned before, the only environment in which the Dealers would likely break the rules and fail to bid is in a hyperinflation when it would become intolerably unprofitable for them to own US government securities. The Fed would likely buy on the primary market (as opposed to the secondary market as they do now) and you’d have a nice little case of currency collapse on your hands. But that’s an inflation constraint. Not a solvency constraint like having an inability to fund the government. BIG DIFFERENCE.
I think the key word there is "hyperinflation." But that's just me being a worry wart.
But wait! There's more!
After watching the entire video, I am very confident that the person who shot this video was one of the servers at the event.
For starters, the camera is propped up on a table that has no table cloth, plates, silverware, nor drinking glasses. The towels, vase, and pitchers indicate it's a server station. Also, servers repeatedly stand in front of the table as they survey the room and await their next task. They wouldn't do that if there were guests behind them.
At the 12:20 mark a hand comes in to remove a candle from the table. You can see the hand is that of a white male in a white shirt with unremarkable cuff links.
The candle is then moved off-camera to the right. You can see the reflection in the metal pitcher at the top right of the screen. That hand belongs to a person who knows the camera is recording and is moving the candle out of the center of the shot.
More likely - the hand belongs to the owner of that camera and pressed record.
How long until we see this server/videographer fired by the catering company, outed in the media, and a full-scale national media tsunami over the unfairness of the punishment.
EXIT QUESTION: Does this recording violate Florida law by recording people in a private setting without their permission?
Here's the full video:
