This is going to make your day. If it does, send this page to someone else who will also get the joke. Most Americans wouldn't, which is the problem.
The Federal Reserve System, a private corporation with a President-appointed Board of Governors, is the classic monopoly in action: "for the good of the people," of course. It controls the money supply, which in turn influences everything else in the economy.
This makes Professor Ben Bernanke of Princeton America's monopolist numero-uno.
But watching this video is not enough. We need a little satire to get the message across to others, who know nothing of how the FED works. Some grad students at Columbia University's business school have provided a gem. This video does a great job. It takes the Police's "Every Breath You Take," and re-works it. It's better than the original.
Video glossary:
BPS or "bips" refers to a basis point: a hundredth of a percentage point of the yield or the interest rate.
The lyric, "CBS is great," doesn't refer to the TV network. It refers to the Columbia Business School, where Glenn Hubbard is dean. The video is attributed to Dean Hubbard, who was formerly Chairman of the President's Council of Economic Advisors, and who was on the short list to become the Chairman of the Federal Reserve System. The inside joke is that Hubbard is supposedly bewailing his missed opportunity. The student doing the lip-synching even looks like Dean Hubbard. The outside joke is that Bernanke is a schnook. At one poont, "Dean Hubbard" holds up Bernanke's textbook on macroeconomics and moves his lips inaudibly. Look closely. Is he saying what I think he's saying?
Now, crank up those desktop speakers. It's video time:
http://www0.gsb.columbia.edu/students/organizations/follies/media/EveryBreath.wmvThe student video is better than the original, which is:
http://youtube.com/watch?v=KqgDiRFEbIAAfter you see either or both music videos, you will be ready for another one, also on the Federal Reserve System, and a kind of music video. It's on the FED's song and dance. It was produced by the Mises Institute. This is the best introduction to the FED that I have ever seen.
http://video.google.com/videoplay?docid=-466210540567002553&q=misesEnjoy!
