Why This Harvard Economist Is Pulling All His Money From Bank Of America
Feb 2, 2014 09:54:00 #
A classicial economist... and Harvard professor... preaching to the world that one's money is not safe in the US banking system due to Ben Bernanke's actions? And putting his withdrawal slip where his mouth is and pulling $1 million out of Bank America? Say it isn't so...
From Terry Burnham, former Harvard economics professor, author of Mean Genes and Mean Markets and Lizard Brains, provocative poster on this page and long-time critic of the Federal Reserve, argues that the Feds efforts to strengthen Americas banks have perversely weakened them. First posted in PBS.
Is your money safe at the bank? An economist says no and withdraws his
Last week I had over $1,000,000 in a checking account at Bank of America. Next week, I will have $10,000.
Why am I getting in line to take my money out of Bank of America? Because of Ben Bernanke and Janet Yellen, who officially begins her term as chairwoman on Feb. 1.
Before I explain, let me disclose that I have been a stopped clock of criticism of the Federal Reserve for half a decade. Thats because I believe that when the Fed intervenes in markets, it has two effects both negative. First, it decreases overall wealth by distorting markets and causing bad investment decisions. Second, the members of the Fed become reverse Robin Hoods as they take from the poor (and unsophisticated) investors and give to the rich (and politically connected). These effects have been noticed; a Gallup poll taken in the last few days reports that only the richest Americans support the Fed. (See the table.)
Read more here
http://www.zerohedge.com/news/2014-01-31/why-harvard-economist-pulling-all-his-money-bank-america
From Terry Burnham, former Harvard economics professor, author of Mean Genes and Mean Markets and Lizard Brains, provocative poster on this page and long-time critic of the Federal Reserve, argues that the Feds efforts to strengthen Americas banks have perversely weakened them. First posted in PBS.
Is your money safe at the bank? An economist says no and withdraws his
Last week I had over $1,000,000 in a checking account at Bank of America. Next week, I will have $10,000.
Why am I getting in line to take my money out of Bank of America? Because of Ben Bernanke and Janet Yellen, who officially begins her term as chairwoman on Feb. 1.
Before I explain, let me disclose that I have been a stopped clock of criticism of the Federal Reserve for half a decade. Thats because I believe that when the Fed intervenes in markets, it has two effects both negative. First, it decreases overall wealth by distorting markets and causing bad investment decisions. Second, the members of the Fed become reverse Robin Hoods as they take from the poor (and unsophisticated) investors and give to the rich (and politically connected). These effects have been noticed; a Gallup poll taken in the last few days reports that only the richest Americans support the Fed. (See the table.)
Read more here
http://www.zerohedge.com/news/2014-01-31/why-harvard-economist-pulling-all-his-money-bank-america
Feb 3, 2014 09:41:11 #
The following short video makes me wonder if we're on the eve of a global financial meltdown.
Silver American Eagles are selling for about $21.50 and could easily double. I'd stay away from stacking gold. Our Government, under FDR, seized physical gold and outlawed owning over a certain amount.
Poor Janet Yellen, standing at the helm of an economically doomed ship of state.
http://www.youtube.com/watch?v=PFkl5thbnmI
Silver American Eagles are selling for about $21.50 and could easily double. I'd stay away from stacking gold. Our Government, under FDR, seized physical gold and outlawed owning over a certain amount.
Poor Janet Yellen, standing at the helm of an economically doomed ship of state.
http://www.youtube.com/watch?v=PFkl5thbnmI
Feb 3, 2014 12:47:42 #
Blue Flu wrote:
The following short video makes me wonder if we're on the eve of a global financial meltdown.
Silver American Eagles are selling for about $21.50 and could easily double. I'd stay away from stacking gold. Our Government, under FDR, seized physical gold and outlawed owning over a certain amount.
Poor Janet Yellen, standing at the helm of an economically doomed ship of state.
http://www.youtube.com/watch?v=PFkl5thbnmI
Silver American Eagles are selling for about $21.50 and could easily double. I'd stay away from stacking gold. Our Government, under FDR, seized physical gold and outlawed owning over a certain amount.
Poor Janet Yellen, standing at the helm of an economically doomed ship of state.
http://www.youtube.com/watch?v=PFkl5thbnmI
:thumbup:
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