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Australian comics satirize the failure of central banking
4:16p ET Wednesday, February 19, 2014
Dear Friend of GATA and Gold:
For some reason 24hGold.com posted the other day a link to the 2008 segment of the unfortunately short-lived Australian news parody program "Newstopia" satirizing the Reserve Bank of Australia. The skit is always worth watching for its suggesting how central banking fails the public interest.
The "Newstopia" skit features comedian Shawn Micallef as a news anchor interviewing the actor Nicholas Bell, who plays the secretary of the Reserve Bank of Australia, "Tony Froth," and who smugly explains the central bank's manipulation of interest rates to control incomes, production, and prices in the name of keeping the national economy "on an even keel."
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Micallef becomes skeptical, replying: "Doesn't that put me in the same position -- either I have more money to buy expensive things or less money to buy the same things when they're cheaper?"
Indeed, while GATA does not advocate returning to some form of the gold standard -- GATA wants central banks out of the gold market entirely and forced to be completely transparent -- in light of the worsening turmoil in the financial markets under central banking and the ever more extreme and undemocratic interventions of central banks, adherents of central banking well might be asked how returning to a gold standard could be any worse.
Unfortunately little is being done to extract accountability from central banks even in nominally democratic countries.
The "Newstopia" skit is not quite 3 1/2 minutes long, is headlined "'Newstopia' Explains the Reserve Bank," and is posted at You Tube here:
http://www.youtube.com/watch?v=NIfH0vY2ANA
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Gold advocate Jim Sinclair's next market analysis seminars will be held in Los Angeles from 11 a.m. to 2 p.m. on Saturday, March 8, and in San Diego from 2 to 6 p.m. the following day, Sunday, March 9. Details, including registration information, are posted at Sinclair's Internet site, JSMinset.com, here:
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