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The Fed vs Austrian School on the Menu for 10/3

Liberty on the Rocks (Red Rocks) Happy Hour meetup October 3rd –

VENUE ALERT — MEETING WILL BE AT RED ROCKS GRILLE, SHERATON HOTEL, 360 UNION BLVD., LAKEWOOD, 5:30 pm to 7:30 pm

Grillin’ and Chillin’ with Dr. Paul Prentice –

“How the Federal Reserve Monetary System Destroys Liberty”

But first…we will be continuing our education mini-series on the run-up to the November 2011 elections (speaker TBA).  Also, we encourage you to attend the upcoming Jeffco BOE candidate forums, there’s a list published at: http://jeepedu.org/

And, for the MAIN EVENT…We are excited to have Dr. Paul Prentice as our featured guest.  Dr. Prentice has agreed to share with us one of his Free Markets classes (including powerpoint presentation) covering material he teaches at various think tanks, college campuses, and at various civic forums .  Don’t miss this opportunity to learn about the Fed, monetary policy, and its economic costs.

Dr. Prentice has a unique perspective as a “reformed” Keynesian turned “Austrian,” having run the gamut politically from serving as the Chief Macroeconomist at the U.S. Department of Agriculture under Presidents Carter AND Reagan, and as a visiting scholar at the U.S. Department of Treasury under President Clinton.  He is the president of the Pikes Peak Economic Club, Fellow at the Centennial Institute, Senior Fellow at the Independence Institute, board member of the Limited Government Forum, and Adjunct Scholar with the Ludwig von Mises Institute.  For additional details about our guest, please visit:https://pikespeakeconomicsclub.com/CMS/PPEC

Upcoming Events

October 17, 2011
Liberty on the Rocks (Red Rocks) Happy Hour
U.S.Congressman Mike Coffman

Dr. Paul Prentice Event Details

October 3, 2011
Sheraton Denver West Hotel
Red Rocks Grille (bar/restaurant adjacent to the lobby)
360 Union Blvd.
Lakewood, Co., 80228
5:30 – 7:30 p.m.

Happy hour from 5:30- 7:00 p.m. (Speakers generally begin at 6:00)

FB group: Liberty On The Rocks (Red Rocks)

Disclaimer: Speakers/Guests/Articles do not necessarily reflect the views and opinions of Liberty On The Rocks (Red Rocks).

Book Highlight: The Creature from Jekyll Island, A Second Look at the Federal Reserve by G. Edward Griffin

JekyllIslandCover

At our September Happy Hour and Book Giveaway, The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Grffin was handed out to our guests. The book offers readers a chance to read the “true” history of the Federal Reserve System. As the description on Amazon.com narrates,

Where does money come from? Where does it go? Who makes it? The money magicians’ secrets are unveiled. We get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject? Just wait!

You’ll be hooked in five minutes. Reads like a detective story – which it really is. But it’s all true. This book is about the most blatant scam of all history. It’s all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity.

Creature from Jekyll Island is a “must read.” Your world view will definitely change.

If you interested in obtaining a copy and are in the DC area, please send an email to LibertyOnTheRocksDC@Gmail.com.

The Biggest Casino in the History of the World…

What do derivatives, credit swaps, collateralized mortgage obligations, and the alphabet soup of high finance have to do with Liberty?  Well, the potential yoke of generations of high taxes to pay off debt WE didn’t incur could be here, and it sounds more like serfdom that freedom…

Bloomberg.com reported $9.7 trillion has been lent, spent or pledged by the Treasury, Federal Reserve and FDIC to “solve” the financial crisis — $9.7 trillion is $33,000 for every man, woman and child in the US, it’s 70% of our total GDP! And only the $700 billion TARP program for bank bailouts was ever voted on (we’re not including the stimulus moneys here…).

If this sounds too outrageous, listen to this five minute clip of Rep. Alan Grayson, (D-Orlando) asking the Federal Reserve Inspector General, Elizabeth Coleman, what is happening with the money. Are you satisfied with her responses: we haven’t gathered that information, we don’t have the authority to audit (”bull” meter jumps to 100%)? It’s frightening and incredible at the same time…

Where is the money going?  To the world’s secret casino, where the financial industry is both the house and the gambling addict, and the taxpayer is the ATM.   The Office of the Comptroller of the Currency’s 4th quarter report shows banks have placed $200 trillion in bets on “derivatives,” the “side bet” at the craps tables, almost all of it unregulated in “over the counter” (OTC) transactions, and almost all of it, 94% held by FOUR banks — JP Morgan/Chase, Citigroup, Bank of America, and ante-ing up to the table, investment firm now with bank status, Goldman Sachs. From Reuters FACTBOX:

BANK             TOTAL DERIVATIVES     PCT OF DERIVATIVES
                 OUTSTANDING ($ MLN)   THAT ARE OTC
JPMorgan         $87,362,672           97.0
Bank of America  $38,304,564           94.3
Citi             $31,887,869           98.0
Goldman Sachs    $30,229,614           98.4
All banks total $200,381,607           96.6 ($193,597,433 mln)

$200 trillion is 3.3 times the GDP of the entire world! The graph below, from the Comptroller’s report, just shows how popular this game has become.

derivatives

(And by the way, the bulk of AIG’s business is selling insurance to back these bets).  If you have the financial inclination, please read the full Office of the Comptroller of the Currency report — apparently the “pit bosses” at Secretary Geithner’s Treasury Department are confident that everything is balanced and under control, but what they gloss over is that the basic assumption to all the models they use to value and project says that the value of the “things” underlying the derivatives never goes down in the long run…

…unless, of course, they do, but then you just run to the taxpayer ATM for the bailout.

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