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Tuesday, September 20, 2011

Fnord Analysis - "Inside Job" Documentary

I saw the documentary "Inside Job". It covered corruption in the financial industry, and the housing bubble/bust/bailout.

One thing overwhelmingly impressed me. Every single person interviewed in the film had the parasitic or psychopathic personality type. Even the people saying "WTF? There's too much corruption!" had the parasitic personality type.

Some parasites go around saying "WTF? This is wrong!", just to provide cover for the other parasites. "Inside Job" was a very weak criticism of the financial industry, compared to my blog.

When people weakly criticize corruption, that helps provide cover for the criminals. "Inside Job" was a very weak criticism of bankster corruption.

However, the issues are very complicated and lies are rampant. Did the filmmakers have a sincere desire to expose the truth? Was that film a whitewash, because it offered criticism but didn't present any serious challenge to the State financial system scam?

If the authors of the film weren't completely clueless, they should have read a little about Austrian economics. That's a pretty serious omission, from a film criticizing the financial industry and corruption among academic economists. (I don't consider myself an Austrian economist, because Austrian economics doesn't include the Compound Interest Paradox.)

"Inside Job" didn't touch any of the "big issues". "Inside Job" failed to discuss:

  1. Is having the Federal Reserve central bank a good idea?
  2. The Federal Reserve is one big price-fixing cartel.
  3. With negative real interest rates, the incentive is for banks to load up on as much debt and leverage as they can. No matter what other reforms you have, negative interest rates give the banksters free money.
  4. Paper money or a gold standard?
  5. Regarding credit rating agencies, the law says that certain institutions may only invest in high-quality debt. The fabricated A credit ratings matter, because the fake ratings allowed more institutions to buy the lousy bonds. "Inside job" briefly criticized the ratings agencies, but failed to mention that the ratings matter due to various laws. (This is a minor but serious error in the film.)
There were some lesser State-approved evils discussed:
  1. The banksters own the government via lobbying.
  2. The banksters own the economics profession. Many "top economists" have very lucrative side jobs consulting and speaking for the banksters.
  3. There's a revolving door between government and big banks. (However, they didn't explain the "Captured Regulators Problem" as explicitly and clearly as I do.)
Films like "Inside Job" give me a mixed reaction. It's a step in the right direction, because it is some mainstream criticism of bankster corruption. It's also an evil fnord, because the criticism presented is only a tiny fraction of the truth.

I was shocked by the personality type of the interviewees. All the people interviewed had the parasitic or psychopathic personality type. All of the people interviewed came across as criminals, even the ones saying "WTF? This is wrong!" That was extremely disturbing.

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