Perhaps you've heard of this video by now. It appeared on YouTube on November 10th. As of the morning of November 18th, as I'm writing this post, it has had just over 1.5MM views.
The creator of the video appeared on CNBC's early afternoon program yesterday. He is a former commodities trader who produced the clip to explain QE & QE2 to his economically-challenged friends. On air, he deferred his specific thoughts about QE2 to the video, but, later, agreed that, in a word, he does not agree with the Fed's policy.
For some clarification before you watch the clip, I noted a few factual errors. Ben Bernanke has prior monetary policy experience. He is generally regarded as a leading expert on the economic history of the Great Depression, and served on the Fed prior to his being named as Chairman.
I also think that the video is a bit unfair in characterizing Goldman Sach's mission as 'ripping off the American people.' Prior posts under that label will reveal that I feel the firm is rapacious and dangerous with which to do business. If you interact with Goldman on a professional basis, even as a so-called client, prepare to be dealt with sharply and without undue concern for your welfare. You are well-advised to look after your own interests, because the firm will certainly look after its own equally with, if not before yours, even if you are their client.
But, that said, it has certain expertise which may be used on its clients' behalf's. And you can, if you wish, always share in their alleged ill-gotten gains through purchase of their publicly-traded stock.
In case the embedded video doesn't play, you can go to the clip here.
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