It is well known in economics academia that The Wonderful Wizard of Oz written by L. Frank Baum in 1900 is loaded with powerful symbols of monetary reform which were the core of the Populist movement that almost elected William Jennings Bryan in 1896 and 1900.
The yellow brick road (gold standard), the emerald city of Oz (greenback money), even Dorothy’s silver slippers (changed to ruby slippers for the movie version) were the symbol of Baum’s and Bryan’s belief that adding silver coinage to gold would provide much needed money to a depression-strapped, 1890s America.
We believe Baum’s symbols represent the only solution to relieve the growing economic hardship here in America – and the rest of the world. Practically speaking, 2009 marks the 70th anniversary of the 1939 MGM release of the The Wizard of Oz movie, so interest will be very high. Even Oz websites put up by kids get millions of hits.
Produced by Bill Still, the maker of the documentary Money Masters.
If this does not make you furious I don’t now what will. Watch this video of the Federal Reserve Admitting that $10 Trillion Since 2008 is Totally Unaccounted for. 10 TRILLION DOLLARS!
According to the Inspector General for the Federal Reserve, nobody at the Federal Reserve has kept track of $10 Trillion that the Federal Reserve has lent out since 2008. That is over $30,000 for every single American. There are no words…
Recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
“The great wealth that the financial sector created and concentrated gave bankers enormous political weight—a weight not seen in the U.S. since the era of J.P. Morgan (the man). In that period, the banking panic of 1907 could be stopped only by coordination among private-sector bankers: no government entity was able to offer an effective response. But that first age of banking oligarchs came to an end with the passage of significant banking regulation in response to the Great Depression; the reemergence of an American financial oligarchy is quite recent.”
“The conventional wisdom among the elite is still that the current slump “cannot be as bad as the Great Depression.” This view is wrong. What we face now could, in fact, be worse than the Great Depression—because the world is now so much more interconnected and because the banking sector is now so big. We face a synchronized downturn in almost all countries, a weakening of confidence among individuals and firms, and major problems for government finances. If our leadership wakes up to the potential consequences, we may yet see dramatic action on the banking system and a breaking of the old elite. Let us hope it is not then too late.”
May 2009 ATLANTIC MAGAZINE
By Simon Johnson
Recreating the gap that gave us the Great Depression
“The greater the disparity in wealth between the very rich and everyone else, the more unstable an economy becomes. Our nation has now created a larger gap in the distribution of wealth than the massive chasm that helped fuel the Great Depression. In 1928, one year before the global economic collapse, the wealthiest .001% of the U.S. population owned 892 times more than 90% of the nation’s citizens. Today, the top .001% of the U.S. population owns 976 times more than the entire bottom 90%. This is not sustainable, and makes for a very volatile economy. It would appear that the American empire is about to crash.”
Gov’t report forbidden from saying “deregulation”, “shadow banking”, or “Wall Street” by the 4 Republican members of the 10-member Financial Crisis Inquiry Commission
“In the end, those of us who expected the crisis to provide a teachable moment were right, but not in the way we expected. Never mind relearning the case for bank regulation; what we learned, instead, is what happens when an ideology backed by vast wealth and immense power confronts inconvenient facts. And the answer is, the facts lose.”
By PAUL KRUGMAN
Published: December 16, 2010
From The Daily Bail
Scratch the old headline – it’s now 23% with the November update. Details inside from John William’s Shadow Stats.
* Shadow Stats
The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.
The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.