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Australian comics satirize the smug failure of central banking
12:16a ET Thursday, March 12, 2020
Dear Friend of GATA and Gold:
From time to time it has seemed good to call attention to the 2008 segment of the unfortunately short-lived Australian news parody program "Newstopia" that satirized the Reserve Bank of Australia. The skit brilliantly suggests how central banking fails the public interest.
The skit features comedian Shawn Micallef as a television news anchor interviewing the actor Nicholas Bell, who plays the secretary of the Reserve Bank of Australia, "Tony Froth," and who smugly explains the central bank's manipulation of interest rates to control incomes, production, and prices in the name of keeping the national economy "on an even keel," rigging everything in the name of maintaining "the beauty of a free market."
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Micallef becomes skeptical, replying: "Doesn't that put me in the same position -- either I have more money to buy expensive things, or less money to buy the same things when they're cheaper?"
GATA does not advocate returning to some form of the gold standard. Rather GATA wants central banks out of the gold market entirely and forced to be completely transparent with their market activities, which probably would induce the world to return to gold in less than a week. But in light of the worsening turmoil in the world financial system under central banking and the ever more extreme and undemocratic interventions of central banks, adherents of central banking well might be asked how returning to a gold standard could be any worse.
Unfortunately little is being done to obtain accountability from central banks even in nominally democratic countries.
The "Newstopia" skit is not quite 3 1/2 minutes long, is headlined "'Newstopia' Explains the Reserve Bank," and is posted at You Tube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Toast to a free gold market
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