Money for Nothing: Inside the Federal Reserve

2013 "The first film about the NEXT crisis."
7.3| 1h44m| en| More Info
Released: 06 September 2013 Released
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Official Website: http://moneyfornothingthemovie.org/
Synopsis

Nearly 100 years after its creation, the power of the U.S. Federal Reserve has never been greater. Markets and governments around the world hold their breath in anticipation of the Fed Chairman's every word. Yet the average person knows very little about the most powerful - and least understood - financial institution on earth. Narrated by Liev Schreiber, Money For Nothing is the first film to take viewers inside the Fed and reveal the impact of Fed policies - past, present, and future - on our lives. Join current and former Fed officials as they debate the critics, and each other, about the decisions that helped lead the global financial system to the brink of collapse in 2008. And why we might be headed there again.

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Reviews

Matialth Good concept, poorly executed.
Stevecorp Don't listen to the negative reviews
Rosie Searle It's the kind of movie you'll want to see a second time with someone who hasn't seen it yet, to remember what it was like to watch it for the first time.
Fleur Actress is magnificent and exudes a hypnotic screen presence in this affecting drama.
gavin6942 Nearly 100 years after its creation, the power of the U.S. Federal Reserve has never been greater. Markets and governments around the world hold their breath in anticipation of the Fed Chairman's every word. Yet the average person knows very little about the most powerful - and least understood - financial institution on earth.This film covers everything from the Great Depression up through Bretton Woods (and its repeal in 1971) and on through the crisis of 2007-2008. We get Greenspan's connection to Ayn Rand and learn a few technical terms like "quantitative easing".This is a great primer for anyone who knows absolutely nothing about the Federal Reserve. And, frankly, that happens to be most of us. Even those who do know something will probably learn more. How odd that the engine fueling our economy (maybe even the entire global economy) is not something many people could even explain.
Tladuca Money for nothing is an excellent, compelling, revealing and accurate look at how the FED distorts and manipulates the world economy. There are no conspiracy theories here, just the cold, hard facts. It is a sobering, unflinching look at what brought the world to the brink of collapse in 2007 and the aftermath. The movie doesn't interview former FED chairmen Greenspan or Bernanke (and really what but confusion could come from that anyway?) but lets them speak (lie) for themselves through past interviews and speeches. Interestingly included is the Fed's current chairman Janet Yellen (perhaps she had no idea she would be future chairman at the time of filming), interesting because at the end of the movie FED is portrayed has ultimately clueless and inept (and I believe it is behaving as such). Also included is a vast cast of observers and commentators; including former Fed chairman Paul Volcker, current and former regional Fed presidents, vice presidents and governors, as well as columnists, academicians, book authors and major investors whom study the Fed. Curiously absent is anyone from the current TBTF banks or any banks or businessmen at all for that matter. What the film sadly leaves out is any mention of the role of cheap energy, as if our economy exists on the back of the banking system alone! WWI is implicated in the abandonment of the gold standard when the reality was: who needs gold when you have abundant cheap energy? Just print the money you need to finance whatever you want. Future growth fueled by cheap energy will pay all the bills. The United States realized this much too late during the Great Depression, sticking to the gold standard and unable to jump-start the economy by borrowing against future growth enabled by cheap, abundant crude oil. Thus the deep flaw of this film is that the availability (or lack thereof) of cheap energy is never implicated in any of our economic problems and fortunes, as if the fed alone creates and controls economic activity. It often misattributes economic events to the actions of the Fed which are in fact more closely tied to the price of crude oil. Despite the movie's blind spot with regard to the role energy plays in the economy it otherwise leaves no stone unturned. We learn about the terrible precedent set by the bailout of LTCM and the psychology of the "Greenspan Put". Greenspan birthed the idea of a free lunch, heads you win, tails you win (the fed bails you (or whatever market you are playing in) out), all reward and very little risk. We learn how the Fed and Fed alone created the biggest asset bubble in American history. We learn what a precarious position our economy is now in despite appearances, appearances due to the distortions of the markets by the Fed. The Fed can't take away the "punch bowl" (QE and zero percent interest rates) EVER and it knows it. The fact that we print the world's reserve currency is the only thing keeping this country from disaster. The film's conclusion totally misses the fact that we are suffering from the gradual depletion of cheap energy. Some great quotes: After closing the "gold window" Nixon tells America: "What does this mean for you? You're dollar will be worth just as much tomorrow as it today" probably one of the greatest lies ever told. On Greenspan: "This alleged libertarian was presiding over the socialization of risk in our economy…" The now infamous Bernanke quote (in perfect context): "The problem in the subprime market seems likely to be contained" (March 2007!) Greenspan: "I've always believed we underestimate the impact of stock prices on economic activity, (open bracket)…(close bracket) if (open bracket) the stock market (close bracket) continues higher this will do more to stimulate the economy than anything (open bracket) else could (close bracket)." Greenspan (2011): "The United States can pay any debt it has because we can always print money to do that, so there is zero probability of default." The games the Fed is playing with our economy can only last for so long.
zd3921 The movie ends by suggesting that the latest bubble was essentially caused by an 'Asset Inflation' due to the fact that apparently the US Federal Reserve no longer takes into account housing or essentially fuel prices!? What, that is obviously false... Check the US Bureau of Labor Statistics and you will see that both are definitely in there.I would agree that they have changed the way that some items have been covered, namely the housing prices which are now calculated as basically the rental equivalent of each home owners home instead of the housing price. Though, that is common among the OECD nations just like Canada and a few others. Check the US Consumer Price Index website and you will see. Also check this link, which explains some of the misconceptions out in the general public: http://www.bls.gov/cpi/cpiqa.htm As for the rest of the movie, well it hammers away at your intelligence with misinformation and jarring commentary. The movie was partly informative for creating an interesting story of Volcker, Greenespan and whatever the liar in charge of the Fed is called. Still too many logical fallacies and misrepresentations using often false information. I would give this more than 2 thumbs down if I could.
agapesophy A gem in the movie industry, conveying the federal reserve as pacifist who hates the idea of forcing people to come to grips with reality. Conveying the federal reserve as having foresight all the time,even though there is some denial of this near the end. The very pacifist mentality was the ideal of the federal reserve to act as a cushion to protect the delusions of the public rather than act as moralist dictator. So the federal reserve allowed investment out self interest that had no direct long term benefit to society this was more acceptable than forcing a moralist view on the economy. One of the prime reasons the fed always acted as a cushion rather than a moralist was the monetary gain, which were only asset inflation and this was the delusion of the people. Against there better judgement they obeyed the people's will in general. The asset inflation is inflation mistaken as monetary gain, however when ever individuals profit by inflation inequity rules as they got the money for free or nearly free. For the investors get rich, those who own stock and houses and so on, and everyone else suffers poverty. No one wishes to change this as that would create the appearance of monetary redistribution. Worse yet because the market gains where an illusion, there are no new jobs for the youth as there shall always be to many people and not enough jobs, as industry is very efficient in the new computer robotic global economy.Hence everyone must work less hours so everyone can work otherwise pay for a welfare state which has negative effects in itself, for if neither of these are done The People shall and will starve to death as there is lots of food and shelter, but no self dependence everyone is dependent upon jobs to get those things, as in past the majority had their own land to farm upon and now they do not. To any length the problem can never be solved by the monetary federal reserve. It was never their fault in the first place. Blaming a bunch of pacifist who would do anything to ensure the economy kept going given the conditions of a computer robotic global economy is a sad lie. These federal reserve people call it the free market but what they are meaning is forcefulness is rape, they simply hate pushing their morals upon a people who do not want them, people wanted free money and so they got what they desired. The sacrifices we must make to remain a compassionate society is something that is going to be token by force. Plainly none of us are honest enough to admit we have stolen from ourselves a fair and equitable society. Where money is earned by giving to society a long lasting benefit in service, rather than just profiting our selves, I can say being a pacifist myself, I have lost everything by a forceful economy that was self serving and now I have profited being self serving. If someone takes by force what I have token without any benefit to society, at least I can say its fair enough to me.