UPDATE 2009-01-13: 50000 views! Thanks to everyone for their contributions. UPDATE: The day this video got picked up by a couple of blogs in the USA and Canada was, coincidentally enough, my birthday. I can’t give enough thanks to everyone who has enjoyed the video so far. Spread the word! “Shaun Micallef” (Shaun Micallef) and “Tony Froth” (Nicholas Bell) explain the role of the Reserve Bank of Australia and how to control inflation. This was taken from the TV show “Newstopia” (Season 2, Episode 3, aired 12 March 2008). I’m uploading this to celebrate the launch of the third season of the show. This is one of my favourite moments from the second season. I don’t own the copyright to this – it belongs to the Australian TV channel, SBS. That said, there is plenty of Newstopia material on YouTube already, including an incomplete version of this material. In any case, I personally think the show deserves all the publicity it can get. Visit the show’s official website: www.sbs.com.au
Newstopia explains the Reserve Bank
Posted by admin on May 25th, 2010
Posted in 
Tags: 
@Mccnuget Gold has physical properties that make it useful as a basis of currency (rarity, purity, uniqueness…), and we’ve known about them for 8,000 years. It’s also easier to understand than fiat money (though both are easy): gold is an asset, fiat money is a debt. Also, private banks have more control over currency than governments (because they create more money via compound interest).
Perceived value is conditional, but stability is not. Neither is inflation, for that matter.
No it isn’t. Thats the premises for all currency, instrinsically. The value of gold is no more tangible than the value of foreign currency. Its just more complicated so people have trouble understanding it.
At the end of the day, the only difference is that the government can more easily control the value under a fiat currency. Percieved value is still conditional, more so if its a commodity currency. I think Shaun was only making the remark because most think Gold is still a crucial part.
@Mccnuget The intangibility (or “fiat”) of modern currency isn’t a joke. I agree that the point about the free market not applying to some people and being subject to their interference is a good one. Nevertheless, the point made at the end that no fiat currency is really worth anything, or at least has no way of holding its value over time, is at least as important.
@AaronGNielsen
Yes i agree about comedy central. But I think your taking what Shaun said too literally. He was making a joke about the intangibility of modern currency. The only real point he made, apart from pointing out what most people already know about economics, is that we don’t have a free market, not really.
And yet everyone keeps weeping about capitalism. When the under-achievers allow for actual laissez faire without socialist welfare systems, then we can blame the free-market.
ahh!! Excellent
two legendary funny fellows! old odd humour .. love it or hate it
Funny stuff. Micallef is a genius!
You should check out my youtube channel “Variety Garage”. We’re just starting out, but hopefully we can even approach the funnyness of this video.
; ) i saw this sketch on TV over 2 years ago and just like fine wine – it just gets better with time
love it ;D
newstopia is the best
Excellent!
@arcane1977 lol
Ask Khemlani!!!!
Oh, so true!!! Damn Heath Robinson control filibusterer PRICKS.
This is just to damn good
@thtshtsbutiful: Which of us are you talking about?
you might possibly be one of the stupidest people in Australia. care to explain why you think that??
brilliant!
cunt!
Funny vid. High interest rates leads to lower housing prices though, not higher.
lol! i love shaun!
But that’s so archaic. “Crucify them”
I think we all want fair punishment for unfair action. If I’m shopping and I steal something, I go to jail. If I’m a banker and I steal something, I get the top job at the RBA.
I didn’t take arcane1977 literally about hangings (since I don’t support capital punishment), but I would love to see the central bankers publicly humiliated somehow. We don’t need to kill them: putting them in stocks and letting us throw rotten vegetables at them should suffice.
Until you get falsely charged for high treason agaisn’t the Queen or some other head of state and are then hanged nearly dead, drawn and quatered, if you’re lucky you just hanged. Still want hangings?
fuck tony frof, cunt
Also, giant picture of the map of Australia behind the presenter, hint?