by Gary Christenson, Miles Franklin:
Johnny Cash wrote “Committed to Parkview” in 1985. The Highwaymen (Cash, Nelson, Jennings, and Kristofferson) sang the song. Verse four is:
“They wake me about six-thirty
Just before the morning meal
While they’re takin’ my blood pressure
They ask me how I feel
And I always say fantastic
There ain’t nothing wrong with me
And then they give me my injection
And I go right back to sleep
And my days are kinda foggy
And my nights are dreamy too
For they’re taking good care of me
While committed to Parkview.”
The characters in the song were committed to Parkview.
Americans are committed to Fed-View. We live in a world dominated by Keynesian economic delusions and the Fed’s monetary manipulations.
Examine the parallels:
Parkview is an institution that treats the mentally unbalanced and those who need rehabilitation from drug addictions.
The Federal Reserve is the center of a banking cartel that creates a financially unbalanced economy addicted to the drugs of low interest rates and “printed currency.” The Fed devalues dollars and injects into the economy large doses of price inflation and… we go back to sleep believing The Fed is benefiting us instead of its elite owners.
My days are kinda foggy and my nights are dreamy too…
Since 1913 the Federal Reserve has manipulated interest rates, mispriced risk, destroyed market based price discovery for stocks and bonds, and blown serial bubbles in stocks, bonds, real estate and corporate debt. The days and nights of our economy are foggy and dreamy because we have lost the clarity of free markets.
For they are taking good care of me while committed to Parkview.
If we listen to the stories told by the Federal Reserve, they saved the world in 2000 (after creating the stock market bubble), and saved the world again in 2008 (after creating the real estate bubble). They will take credit for saving the world in 2019-2020 (after the crash of the everything bubble, created by zero-interest-rate-policy and QE since 2008).
Yes, we can trust the Federal Reserve is taking good care of us, as long as we take our injections, live in a foggy dreamland, and accept the “Fed-View” propaganda.
However, the track record of the Fed shows:
- Dollar: The Fed was supposed to protect the value of the dollar. However, the dollar’s purchasing power is down 96—99% since 1913 depending on the metrics.
- Stability: The Fed was expected to stabilize the economy and provide dollars when needed. The Fed has created paper wealth for the political and financial elite by manufacturing credit bubbles. Too bad about most others…
- Massive debt: Official national debt in the U.S. exceeds $21 trillion. Total U.S. debt is around $70 trillion. Global debt is about $250 trillion. The global economy is drowning in debt due to central bank policies! Expect defaults, hyper-inflation or both.
- Bubbles: Serial credit bubbles and inevitable crashes. Not good for the bottom 90%.
- Inflation: Persistent consumer price inflation – under-reported by the BLS. Not good for the bottom 95%.
- Transfer of wealth to the political and financial elite. Not good for the bottom 99%.
WHAT OTHERS SAY ABOUT “FED-VIEW:”
“… the massive bubble blown by global central banks is unraveling now.”
“By the time the next disaster hits, they [The Fed] are only going to have 250 basis points, not 525. The Fed also said they are going to go into quantitative easing (money printing) much quicker and much faster. They did not rule out negative interest rates.”
“Credit bubbles are not engines of sustainable employment, they are only engines of mal-investment and wealth destruction on a grand scale.”
“… the Congressional Budget Office in now projecting that the U.S. national debt will reach 99 trillion dollars [or much more] by 2048 if nothing changes.”
[This insanity would not happen if we used honest money instead of debt-based Federal Reserve Notes.]
“There is increasing awareness that another financial crisis is in the offing … instead of resolving the problems that led to that  crisis, governments and their monetary authorities have allowed the underlying positions to deteriorate.”
“Some say the first sign of madness is to believe you are right and reality is wrong. It’s a problem that afflicts central bankers.”
“The Fed employs over 300 PhD economists ‘who represent an exceptionally diverse range of interest and specific areas of expertise.’ And they still get it wrong.”
[Begin with phony assumptions, such as unbacked debt based currencies will work, and most models and research will be wrong.]
“Fed chair Jay Powell opposes an audit [of the Fed] … threaten the Fed’s independence. That’s really just a code word for secrecy and having no accountability.”
“Politics is usually best ignored. But there are times when, like a rusty gas tank at an abandoned garage, it seeps into the ground water and poisons the earth.”
[This also describes the actions of central banks as they mis-price risk and assets, pump “funny money” into the economy and transfer paper wealth to their cronies.]
“The everlasting truth is that neither household nor nation can borrow its way to prosperity.”
[True, but Fed enabled borrowing has created prosperity for the financial cartel and political elite, at the expense of most everyone else.]
“We learned no lessons during or after the recent  crisis. We know this because there’s been no systemic deleveraging of the U.S. economy.”
“The general belief among average citizens is that the purpose of central banks is to help the economy by fighting inflation and mitigating financial crisis. It’s a fairy tale that politicians like to encourage.”
A partial solution requires eliminating debt-based currencies, returning to honest money (backed by gold and silver), balancing budgets and dissolving central banks. Not likely!