And an important component of understanding monetary policy is understanding the US Federal Reserve.
On November 15 the movie, "Money for Nothing: Inside the Federal Reserve" had its world premiere at the International Documentary Film Festival in Amsterdam.
Money for Nothing is narrated by Liev Schreiber. It is an independent, nonpartisan, feature-length documentary film.
The cast includes prominent Fed watcher James Grant of Grant's Interest Rate Observer. Also appearing in the film are former Fed Chairman Paul Volcker; investor Jeremy Grantham; former Vice Chairman of the Fed Alan Blinder; Peter Fisher, former Under Secretary of the Treasury for Domestic Finance; Philadelphia Fed President Charles Plosser; Richmond Fed President Jeffrey Lacker; Vice Chair of the Fed Board of Governors Janet Yellen; and many more.
Money For Nothing covers 100 years of Fed history and, in many cases, is quite critical of Fed policies. The film asks the question: Can the Fed learn from its past?
The movie pays homage to Volcker and lays out thoughtful and respectful criticism of former Chairmen Arthur Burns and Alan Greenspan and current Chairman Ben Bernanke, among others.
The movie's director, Jim Bruce, says the goal of the film is to create informed debate that exposes the impact of Fed policy on the U.S. economy and on society (from the Greenspan Put to the Bernanke Put). The film questions the rationale behind today's Fed actions and calls for better policies in the future.
Starting with the Panic of 1907 and ending with the risks on the horizon of today's quantitative-easing quagmire, Money for Nothing dramatically and entertainingly reveals the Fed's ongoing reluctance to shed old ideas. The movie is filled with wonderful narrative and fascinating images that capture the world of finance throughout the Twentieth Century.
On September 29th, October 5th and October 8th, the film will be making it's Canadian Premier with three showings at the Vancouver International Film Festival. Click on the highlighted link over the dates to go to the VIFF website for film details and ticket buying info.
It should be very interesting.
If you can't view it, the link to the video above is: http://vimeo.com/50095912.
You can also see it on Youtube at: http://youtu.be/cMxGvdgzfHw.
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